shares in the three trading days since the company disclosed plans to chop an estimated 400+ jobs. That’s not so bad considering that the shares have in just the past six months, from $1.77 on December 27, 2023.
Ginkgo started the week trading at 42 cents a share, then to 37 cents on June 24, the day the company publicly quantified the extent of the job cutbacks it warned it would carry out back in May. In a regulatory filing, Ginkgo revealed plans to eliminate —which would translate to at least 426 jobs, based on the it reported as of December 31, 2023, according to its Form 10-K annual report for last year. The layoffs were completed June 24, Ginkgo co-founder and CEO Jason Kelly the following day, adding that his company “had to let go of many truly excellent Bioworkers.
” “This was the hardest change we’ve made at @Ginkgo and it’s on myself and leadership for the decisions that led up to it,” Kelly acknowledged. The job cuts includes 158 positions based in Cambridge, MA (Ginkgo is headquartered in neighboring Boston), and a total 47 positions based in Emeryville, CA, according to Worker Adjustment and Retraining Act (WARN) notices filed in Massachusetts and California, respectively. Ginkgo stated that it expects to spend at least $12 million in severance and related separation costs related to the job cuts, with additional details to come in its second quarter earnings results, its next quarterly earnings call with analysts, and in an amended regulatory fil.