0001564590-16-017612.txt : 20160504 0001564590-16-017612.hdr.sgml : 20160504 20160504143742 ACCESSION NUMBER: 0001564590-16-017612 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20160503 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities FILED AS OF DATE: 20160504 DATE AS OF CHANGE: 20160504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROSPER MARKETPLACE, INC CENTRAL INDEX KEY: 0001416265 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 731733867 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-204880 FILM NUMBER: 161618792 BUSINESS ADDRESS: STREET 1: 221 MAIN STREET STREET 2: 3RD FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 415-593-5400 MAIL ADDRESS: STREET 1: 221 MAIN STREET STREET 2: 3RD FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FORMER COMPANY: FORMER CONFORMED NAME: PROSPER MARKETPLACE INC DATE OF NAME CHANGE: 20071025 8-K 1 prosper-8k_20160503.htm 8-K prosper-8k_20160503.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 3, 2016

Prosper Marketplace, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

Delaware

 

333-204880

 

73-1733867

(State or other jurisdiction

of incorporation)

 

(Commission File Number)

 

(IRS Employer Identification No.)

 

221 Main Street, 3rd Floor

San Francisco, CA  

 

 

94105

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (415) 593-5400

 

Not applicable.

(Former name or former address if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

o

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

 

o

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

 

o

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

 

o

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


 


 

 

 

 

Item 2.05. Costs Associated with Exit or Disposal Activities.

 

In connection with a strategic restructuring of its business, on May 3, 2016, Prosper Marketplace, Inc. (“Prosper”) notified employees of the restructuring, which was intended to streamline its operations and support future growth efforts.  

 

Prosper expects the restructuring to result in the closure of its Salt Lake City, Utah location.  As a result of this closure, Prosper expects approximately 97 Salt Lake City-based employees to be terminated or relocated. In addition, Prosper expects this restructuring to result in the termination of approximately 73 employees at its locations in San Francisco, California and Phoenix, Arizona. Prosper expects the closure of its Salt Lake City, Utah location, and the terminations and relocations to be substantially completed by the third quarter of 2016.

 

Prosper expects to incur pre-tax charges of approximately $5.9 million, substantially all of which are related to employee severance and benefits. Prosper also expects to incur additional charges related to lease impairment and other contract-related charges; the financial impact of these charges is still being determined. Prosper expects to recognize these charges during the second and third quarters of fiscal 2016 and expects substantially all the charges to entail cash expenditures.

 

Forward-Looking Statements

 

Some of the statements in this Current Report on Form 8-K, particularly those regarding the proposed measures and the expected timing and estimated amount of charges related thereto, are forward-looking statements that involve risks and uncertainties, and actual results could differ materially from those predicted by such forward-looking statements. These risks and uncertainties include changes in the business and competitive environment in which Prosper operates, the timing and execution of measures that may be subject to local labor law requirements; assumptions related to severance costs; and/or assumptions related to cost savings, product demand and operating efficiencies. They also include other risks detailed from time to time in Prosper’s publicly filed documents, including its registration statements and Forms 10-K, 10-Q, and 8-K. Any forward-looking statements are and will be based upon Prosper’s then-current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. Prosper undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

 

 

 

 


 


 

SIGNATURE

 

 

 

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.

 

 

Prosper Marketplace, Inc. 

 

 

 

Date: May 4, 2016

By:

/s/ Sachin Adarkar

 

 

Sachin Adarkar

 

 

General Counsel and Secretary