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Subsequent Events
9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events
Note 13. Subsequent Events
Date of Annual Meeting of Stockholders
On November 3, 2022, the Company filed a Form 8-K with the SEC announcing that the Company’s board of directors scheduled the Company’s annual meeting of stockholders for December 15, 2022.
Amended and Restated Bylaws
On and effective November 7, 2022, the Company’s board of directors adopted amendments to the Amended and Restated Bylaws. The amendments, among other things, enhance disclosure and procedural requirements in connection with stockholder nominations of directors in accordance with Rule 14a-19 under the Exchange Act of 1934, as amended.
Costs Associated with Exit or Disposal Activities
On November 7, 2022, the Company’s board of directors approved a reduction in force plan (the “Plan”) as part of broader efforts to align the Company’s cost base with its strategic priorities in the current environment. The Plan is expected to reduce the Company’s full-time employees by approximately 10%. The Company estimates the aggregate restructuring costs associated with the Plan to be approximately $10.0 million to $15.0 million, primarily consisting of severance payments, employee benefits and related costs. The Company expects to incur these charges in the fourth quarter of 2022 and the first quarter of 2023. The Company expects the reduction in force to be substantially complete by the first quarter of 2023, subject to local law and consultation requirements, which may extend the process beyond the first quarter of 2023 in certain countries.
The Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur as a result of or in connection with the implementation of the Plan.