MaxCyte, Inc. Files 8-K on Exit Costs

Ticker: MXCT · Form: 8-K · Filed: Dec 9, 2024 · CIK: 1287098

Sentiment: neutral

Topics: restructuring, disposal, financials

Related Tickers: MXCT

TL;DR

MaxCyte filing 8-K on exit costs, check financials for impact.

AI Summary

On December 4, 2024, MaxCyte, Inc. filed an 8-K report detailing cost associated with exit or disposal activities. The filing also includes Regulation FD Disclosure and Financial Statements and Exhibits. The company is incorporated in Delaware and its principal executive offices are located in Rockville, Maryland.

Why It Matters

This filing indicates MaxCyte is undergoing restructuring or divesting certain operations, which could impact its future financial performance and strategic direction.

Risk Assessment

Risk Level: medium — Filings related to exit or disposal activities often signal financial restructuring or operational changes that could carry inherent risks.

Key Players & Entities

FAQ

What specific activities are associated with the 'exit or disposal' mentioned in the filing?

The filing does not specify the exact nature of the exit or disposal activities, but it is categorized under 'Cost Associated with Exit or Disposal Activities'.

When was the earliest event reported in this 8-K filing?

The earliest event reported in this 8-K filing was on December 4, 2024.

Where are MaxCyte, Inc.'s principal executive offices located?

MaxCyte, Inc.'s principal executive offices are located at 9713 Key West Avenue, Suite 400, Rockville, Maryland 20850.

What is the Standard Industrial Classification (SIC) code for MaxCyte, Inc.?

The Standard Industrial Classification (SIC) code for MaxCyte, Inc. is 8731, which falls under SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH.

What other items are included in this 8-K filing besides the exit costs?

This 8-K filing also includes Regulation FD Disclosure and Financial Statements and Exhibits.

Filing Stats: 832 words · 3 min read · ~3 pages · Grade level 12.4 · Accepted 2024-12-09 08:01:01

Key Financial Figures

Filing Documents

05. Costs Associated with Exit or Disposal Activities

Item 2.05. Costs Associated with Exit or Disposal Activities. On December 4, 2024, the Board of Directors of MaxCyte, Inc. approved a workforce reduction plan (the "Plan") as part of the Company's ongoing efforts to streamline operations, improve cost structure, and align resources with strategic priorities. The Plan is expected to result in a reduction of approximately 15% of the Company's workforce globally, which includes both directly employed personnel and individuals engaged through third-party employer-of-record (EOR) arrangements. In connection with the Plan, the Company estimates that it will incur total pre-tax charges of approximately $0.8 million, consisting primarily of severance payments, employee benefits, and related costs. These charges include costs associated with directly employed personnel as well as reimbursements to third-party providers for severance obligations related to EOR-employed individuals. The Company expects to record these charges primarily in the fourth quarter of 2024, with approximately $0.3 million resulting in future cash expenditures. The Company anticipates that the implementation of the Plan will be substantially completed in December 2024. The Company expects the workforce reduction to result in annualized cost savings of approximately $5.8 million, which will begin to be realized starting in January 2025. Forward-looking statements in this Current Report on Form 8-K, including those regarding the expected timing, costs, and savings related to the Plan, are subject to risks and uncertainties. These risks include, but are not limited to, the Company's ability to complete the workforce reduction as planned and achieve the anticipated benefits related thereto. Risks and uncertainties related to our business are described in greater detail in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission ("SEC") on March 12, 2024, as well as in discussions

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On December 9, 2024, the Company issued a press release announcing the Plan. A copy of the press release is attached hereto as Exhibit 99.1. The information contained in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Exhibit Description 99.1 Press Release, dated December 9, 2024 104 Cover Page Interactive Data (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MaxCyte, Inc. Dated: December 9, 2024 By: /s/ Douglas Swirsky Douglas Swirsky Chief Financial Officer

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