BioLife Solutions (BLFS) to Cut 47 Staff, Will Recognize $2.5M Charge

On April 17, 2024, BioLife Solutions (NASDAQ: BLFS), entered into a Stock Purchase Agreement, dated April 17, 2024 (the “Purchase Agreement”), by and between the Company and GCI Holdings Company, LLC, an Ohio limited liability company (“Buyer”), for the sale of all of the issued and outstanding shares of capital stock of Global Cooling, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Global Cooling”), to Buyer for an aggregate purchase price of $1.00. In connection with the Company’s entry into the Purchase Agreement, the Company implemented a reduction in force (the “RIF”) related to the business of Global Cooling, which will reduce the Company’s workforce by approximately 47 employees (representing approximately 11% of its full-time employees). The Company’s Board of Directors approved the RIF on March 29, 2024, and all affected employees were informed on April 17, 2024, following the execution of the Purchase Agreement.

The Company expects to recognize approximately $2.5 million of charges in connection with the RIF, comprised of approximately $2.0 million of stock compensation expense and approximately $0.5 million in cash expenditures, substantially all of which are expected to be related to employee severance costs. The Company expects to recognize most of these expenditures in the second quarter of 2024. The Company’s estimates are subject to a number of assumptions, and actual results may differ. 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 RIF.

You May Also Be Interested In

• Circle board member resigns after nearly 13 years of service
• Super League Enterprise (SLE) files for 1.07M share offering by selling stockholders
• Nutrien warns shareholders about below-market mini-tender offer