On January 10, 2024, ChargePoint Holdings, Inc. (the "Company") implemented a reorganization of its operations including a reduction of the Company's current global workforce by approximately 12% (the ?Reorganization?). The Reorganization is expected to lead to approximately $14 million in restructuring charges, consisting of approximately $10 million in severance and related expenses and approximately $4 million in facility-related expenses. The Company expects to recognize these charges primarily during its fourth quarter of fiscal year 2024, with a majority of the cash expenditures occurring in the first quarter of fiscal year 2025.

The Reorganization is expected to result in annual operating expense savings of approximately $33 million.