Current Report Filing (8-k)
January 29 2016 - 4:37PM
Edgar (US Regulatory)
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
January 29, 2016
Date of report (Date of earliest event reported)
SOLAZYME,
INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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001-35189 |
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33-1077078 |
(State or Other Jurisdiction
of Incorporation) |
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(Commission
File Number) |
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(I.R.S. Employer
Identification Number) |
225 Gateway Boulevard
South San Francisco, CA 94080
(Address of Principal Executive Offices)
94080
(Zip Code)
(650) 780-4777
(Registrants Telephone Number, Including Area Code)
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 obligations of the registrant under any of the following provisions (see General Instruction A.2 below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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.
As part of Solazyme, Inc.s continuing strategy to focus its operations on targeted, higher-value product categories, on January 29,
2016, Solazyme undertook another step in streamlining operations. This step included a reduction in headcount that is expected to reduce the number of employees by more than 20% when completed, and is concentrated in areas that are less essential to
Solazymes core operational focus going forward.
This action follows the expansion of the Solazyme Bunge JV into food in October
2015 and the December 2015 consolidation of manufacturing operations. Collectively, and when fully implemented, the above initiatives are expected to reduce Solazymes annual cash burn, including investments in the Solazyme Bunge JV, by
approximately $40 million. These sequential steps have been undertaken to leverage Solazymes assets to focus on higher-value products and markets, and Solazyme expects to follow them up with the announcement of additional growth-focused
activities in these areas.
Solazyme anticipates recording a charge of approximately $1 million to $1.5 million in the first quarter of
2016 as a result of the foregoing headcount reductions. Solazyme ended December 31, 2015 with cash and cash equivalents of approximately $98 million, and expects to report full year-end financial results in early March 2016.
The foregoing contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about
Solazyme, including statements that involve risks and uncertainties concerning: the size of the headcount reductions; the size and timing of the cash burn reductions; the size and timing of the costs resulting from the headcount reductions; the
strategic focus of Solazyme; the timing of Solazymes report of full year-end financial results; and the ability of Solazyme to announce and implement growth-focused activities. When used herein, the words will, expects,
intends and other similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995. Any such statement may be influenced by a variety of factors, many of which are beyond the control of Solazyme, that could cause actual outcomes and results to be materially different from those projected, described, expressed or implied
herein due to a number of risks and uncertainties. Potential risks and uncertainties include, among others: Solazymes ability to implement the operational changes; possible changes in the size and components of the headcount reduction or
operational changes; and risks associated with Solazymes ability to achieve the benefits of the headcount changes and operations changes. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of Solazyme. In addition, please refer to the documents that Solazyme files with the Securities and Exchange
Commission, including its Quarterly Report on Form 10-Q, as updated from time to time, for a discussion of other factors that could cause Solazymes results to vary from expectations. You are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date of this Current Report on Form 8-K. Solazyme is not under any duty to update any of the information herein.
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.
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SOLAZYME, INC. |
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(Registrant) |
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Date: January 29, 2016 |
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By: |
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/s/ PAUL T. QUINLAN |
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Paul T. Quinlan |
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General Counsel |