UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K/A
(Amendment #1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 20, 2022
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(Exact name of Registrant as Specified in Its Charter)
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(866 ) 980-9431
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Explanatory Note
Root, Inc. (the “Company”) is filing an amendment to its Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission (SEC) on January 20, 2022, to amend Item 2.05 to provide an updated estimate of the range of total charges expected to be incurred in connection with the Company's previously announced organizational realignment (the “Realignment”). This Amendment No. 1 to the Original Form 8-K is being filed by the Company solely to amend and supplement the Company’s disclosure under Item 2.05 of the Original Form 8-K. The remainder of the Original Form 8-K is unchanged.
Item 2.05 Costs Associated with Exit or Disposal Activities.
In the first quarter of 2022, the Company has recognized charges of $6.8 million for severance, benefits and related costs as a result of the Realignment, of which $4.3 million of these charges are expected to result in cash expenditures. Additionally, the Company expects to incur real estate exit costs comprising accelerated amortization of certain right of use assets and related leasehold improvements and furniture and fixtures of approximately $2.4 million. The Company is continuing to review the potential impact of the Realignment, including additional facility lease exits and employee-related costs, and is unable to estimate any additional restructuring costs or charges at this time. If the Company subsequently determines that it will incur additional material restructuring costs or charges, it will amend this Current Report on Form 8-K with respect to such determination.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ROOT, INC. | ||||||||
| Dated: February 25, 2022 | ||||||||
| By: | /s/ Daniel Rosenthal | |||||||
| Daniel Rosenthal | ||||||||
| Chief Revenue and Operating Officer and Chief Financial Officer | ||||||||