Item 2.05 Costs Associated with Exit or Disposal Activities
On
The Plan includes the elimination of approximately 200 positions across the
Company, or approximately 10% of the Company's current workforce. The Company
estimates that it will incur approximately
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. The Company intends to exclude the charges associated with the Plan from its non-GAAP financial measures, including non-GAAP gross profit, non-GAAP operating expenses, non-GAAP loss from operations, and non-GAAP net loss.
Item 2.05 of this Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may relate to, but are not limited to, the number of positions affected by the Plan, and the estimated charges associated with, and the time frame for completion of, the Plan, and the estimates of annualized compensation expense for positions eliminated in connection with the Plan, as well as assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "could," "would," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other comparable terminology that concern Blend's expectations, strategy, plans or intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which such performance or results will be achieved, if at all.
Forward-looking statements are based on information available at the time those
statements are made and/or management's good faith beliefs and assumptions as of
that time with respect to future events and are subject to risks and
uncertainties that could cause actual performance or results to differ
materially from those expressed in or suggested by the forward-looking
statements. These risks and uncertainties include the possibility that: there
are impediments to our ability to execute the Plan or related initiatives as
currently contemplated; the actual charges in implementing the Plan or related
initiatives are higher than anticipated? there are changes to the assumptions on
which the estimated charges associated with the Plan or related initiatives are
based; we are unable to achieve projected cost savings in connection with the
Plan or related initiatives; there are unintended consequences from the Plan or
related initiatives that impact our business; we fail to retain our existing
customers or to acquire new customers in a cost-effective manner; we are unable
to compete in highly competitive markets; we are unable to make accurate
predictions about our future performance due to our limited operating history in
an evolving industry; we are unable to successfully integrate or realize the
benefits of our acquisition of
Item 7.01 Regulation FD Disclosure
On
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broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD.
The information in Item 7.01 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such a filing.
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