Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Event

Subsequent Events

Reorganization

In October 2023, the Company committed to a reorganization that is expected to result in the termination of approximately 110 positions, representing approximately 20% of the Company’s global workforce. The Company took this step to decrease its costs and create a more streamlined organization to support its business. In connection with the reduction in force, the Company currently estimates it will incur approximately $5 million of costs, consisting primarily of cash severance costs and transition support services for impacted employees, which the Company expects to recognize in the fourth quarter of 2023. The Company expects to substantially complete the reorganization by December 31, 2023. The estimates of costs and expenses that the Company expects to incur in connection with the reduction in workforce are subject to a number of

assumptions and actual results may differ materially. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the workforce reduction.

Notes Exchange

On November 6, 2023, the Company entered into a privately negotiated exchange agreement with certain existing holders of its outstanding Convertible Notes. Under the terms of the exchange agreement, the holders will surrender approximately $215.7 million in aggregate principal amount of Convertible Notes for (i) approximately $215.7 million in aggregate principal amount of Secured Notes and (ii) the 2023 Warrants to purchase an aggregate of 16.0 million shares of the Company’s common stock, at an exercise price of $1.69 per share. For additional information regarding the Secured Notes and the 2023 Warrants, see Note 9. Long-term Debt, Net.