Spinnova starts change negotiations affecting the whole organization except the executive management on 14 March 2024. In the change negotiations, the Company plans to change its organizational structure to support the effective execution of its updated strategy and to reduce its fixed costs in order to achieve its profitability targets. According to the Company?s preliminary estimates, the measures that may be implemented after the change negotiations could lead to changes in teams and roles as well as temporary and permanent layoffs.

The targeted annual savings are up to EUR 1.4 million in personnel expenses excluding share-based compensation. The estimated number of permanent reductions is a maximum of 16 positions, and the estimated number of role changes is a maximum of five positions. The exact details regarding the extent and targeting of the potential layoffs will be clarified during the negotiation process.

Spinnova employs approximately 76 permanent employees in Finland. The negotiations last 4 weeks until 11 April 2024 in accordance with the Act on Cooperation.