ChargePoint 8-K Hints at Restructuring, Leadership Changes

TL;DR

**ChargePoint's 8-K suggests big changes are coming, watch for details on costs and leadership.**

AI Summary

ChargePoint Holdings, Inc. filed an 8-K on January 10, 2024, reporting events from January 7, 2024. The filing indicates "Cost Associated with Exit or Disposal Activities" and "Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers." This suggests potential restructuring or leadership changes, which could impact the company's future strategy and financial performance, making it important for investors to monitor for further details on these activities.

Why It Matters

This filing signals potential significant operational and leadership shifts at ChargePoint, which could affect its financial health and strategic direction, directly influencing shareholder value.

Risk Assessment

Risk Level: medium — The filing indicates potential restructuring and leadership changes, which can introduce uncertainty and execution risk, but also opportunities for improvement.

Analyst Insight

A smart investor would closely monitor ChargePoint's upcoming announcements for specific details regarding the nature and scope of the 'exit or disposal activities' and any leadership changes, as these will clarify the financial impact and strategic direction.

Key Players & Entities

• ChargePoint Holdings, Inc. (company) — the registrant filing the 8-K
• January 7, 2024 (date) — the earliest event reported in the 8-K
• January 10, 2024 (date) — the filing date of the 8-K
• 001-39004 (other) — Commission File Number
• CHPT (other) — Trading Symbol on New York Stock Exchange

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 CHPT New York Stock Exchange Indicate
• $14 million — on is expected to lead to approximately $14 million in restructuring charges, consisting of
• $10 million — ng charges, consisting of approximately $10 million in severance and related expenses and a
• $4 million — and related expenses and approximately $4 million in facility-related expenses. The Compa
• $33 million — rating expense savings of approximately $33 million. The estimates of the charges and expe

Filing Documents

• chpt-20240107.htm (8-K) — 37KB
• chpt8kfy24q4011024ex-991.htm (EX-99.1) — 13KB
• chpt8kfy24q4011024ex-992.htm (EX-99.2) — 5KB
• chargepoint_logoa.jpg (GRAPHIC) — 67KB
• 0001777393-24-000003.txt ( ) — 279KB
• chpt-20240107.xsd (EX-101.SCH) — 2KB
• chpt-20240107_lab.xml (EX-101.LAB) — 23KB
• chpt-20240107_pre.xml (EX-101.PRE) — 12KB
• chpt-20240107_htm.xml (XML) — 3KB

05 Costs Associated with Exit or Disposal Activities

Item 2.05 Costs Associated with Exit or Disposal Activities. 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. The estimates of the charges and expenditures that the Company expects to incur in connection with the Reorganization, and the timing thereof, are subject to a number of assumptions, including local law requirements in various jurisdictions, and actual amounts may differ materially from estimates. In addition, the Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the Reorganization. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 7, 2024, Michael Hughes notified the Company of his intention to resign from his position as Chief Commercial and Revenue Officer, effective as of February 29, 2024. In connection with Mr. Hughes' resignation, on January 9, 2024, Mr. Hughes, the Company and its wholly owned subsidiary, ChargePoint, Inc., entered into a Transition and Separation Agreement and General Release (the "Hughes Agreement"). Under the terms of the Hughes Agreement, Mr. Hughes will continue to provide transition services thr

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On January 10, 2024, the Company issued a press release announcing the Reorganization and in connection with the Reorganization, Rick Wilmer, the Company's Chief Executive Officer, sent a communication to the Company's employees. A copy of the press release is attached as Exhibit 99.1 and a copy of the communication to the Company's employees is attached as Exhibit 99.2 to this Current Report on Form 8-K (this "Current Report"). The information contained in this Item 7.01 and in the accompanying Exhibit 99.1 and Exhibit 99.2 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act") or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Forward-Looking Statements

Forward-Looking Statements This Current Report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including statements regarding the Reorganization, the final size of the workforce reduction, the total charges the Company expects to recognize in connection therewith and the timing of such recognition, and the total annual operating expense savings expected from the Reorganization. The Company cautions you that these forward-looking statements are subject to numerous risk and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. Additional risks and uncertainties that could affect the Company and its financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Quarterly Report on Form 10-Q filed with the SEC on December 8, 2023, which is available on the Company's website at investors.chargepoint.com and on the SEC's website at www.sec.gov. All forward-looking statements in this report are based on information available to the Company as of the date hereof, and the Company assumes no obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description of Exhibit 99.1 Press release dated January 10, 2024 99.2 Employee email dated January 10, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CHARGEPOINT HOLDINGS, INC. By: /s/ Mansi Khetani Name: Mansi Khetani Title: Interim Chief Financial Officer Date: January 10, 2024

View Full Filing

View this 8-K filing on SEC EDGAR