Current Report Filing (8-k)
September 23 2021 - 5:17PM
Edgar (US Regulatory)
0001645842
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2021-09-23
2021-09-23
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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):
September 23, 2021
Zymergen Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
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001-40354
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46-2942439
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(State or Other Jurisdiction of
Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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5980 Horton Street, Suite 105
Emeryville CA 94608
(Address of Principal Executive Offices) (Zip Code)
(415) 801-8073
(Registrant’s telephone number, including
area code)
(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 (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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¨
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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))
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Securities registered pursuant to Section 12(b)
of the Act:
Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Common Stock, $0.001 par value per share
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ZY
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Nasdaq Global Select Market
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Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act.
On September 23, 2021, Zymergen Inc. (the “Company”) executed
a reduction in force that represents a preliminary phase of the Company’s plan to reduce costs to align with its delayed revenue
ramp.
As previously announced, the Company recently identified issues with
its commercial product pipeline that impact its product delivery timeline and revenue projections for Hyaline and potentially other products
in its pipeline. The Company is conducting a full assessment of its target markets and the fit of the products in its pipeline to those
markets. The Company is also continuing to develop its plan to align its costs to its delayed revenue ramp.
This reduction in force is expected to result in the termination of
approximately 120 employees. The Company estimates it will incur severance and employee-related restructuring costs of approximately $4.5
million related to this reduction in force.
Forward Looking Statements
This current report contains “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include statements
regarding the Company’s intentions or current expectations concerning, among other things, the scope and costs of its initial reduction
in force and the Company’s ability to align costs with its delayed revenue ramp. Such forward-looking statements are based on the
Company’s beliefs and assumptions and on information currently available to it on the date of this report. Forward-looking statements
may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or
achievements to be materially different from those expressed or implied by the forward-looking statements, including but not limited to
risks regarding the Company’s ability to successfully commercialize and generate revenue from its products and ability to develop
and successfully implement a new strategic plan. These and other risks are described more fully in the Company’s filings with the
Securities and Exchange Commission (“SEC”), including the Company’s Quarterly Report on Form 10-Q for the quarter ended
June 30, 2021. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events
that occur or circumstances that exist after the date on which they were made.
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.
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Zymergen Inc.
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Date: September 23, 2021
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By:
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/s/ Mina Kim
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Name: Mina Kim
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Title: Chief Legal Officer
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