UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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| Item 2.05 | Costs Associated with Exit or Disposal Activities. |
On October 12, 2022, the Board of Directors of Laird Superfood, Inc. (the “Company”) approved a plan to transition the production of substantially all products that the Company internally manufactures to third-party co-packers, which transition is expected to improve operating margins and permit the Company to focus its resources on brand development, sales and marketing.
As part of the plan, the Company will close its production facilities in Sisters, Oregon and reduce headcount by approximately 46 employees, which represents approximately 55% of its total employees. The Company expects to recognize approximately $0.5 million of total restructuring and related charges, consisting primarily of severance and other employee-related costs. The Company expects substantially all charges associated with the workforce reduction to be incurred during the quarter ending December 31, 2022, with related cash payments expected to be substantially paid out by the end of the first quarter of 2023.
| Item 7.01 | Regulation FD Disclosure. |
On October 12, 2022, the Company issued a press release disclosing the plan to transition production to third-party co-packers. The press release is being furnished as Exhibit 99.1 hereto and is incorporated by reference herein.
The information contained in this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
| Exhibit |
Description | |
| 99.1 | Press release dated October 12, 2022. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
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.
| Date: October 12, 2022 | Laird Superfood, Inc. | |||||
| By: | /s/ Steven Richie | |||||
| Name: | Steven Richie | |||||
| Title: | General Counsel and Secretary | |||||