• Initiated cost reduction measures targeting a 55% decrease in operating costs to a projected average of approximately $2.7 million per month by year-end related to pause in production and an approximately 50% reduction-in-force
• The company aims to extend its financial runway beyond 12 months
• REE's new organizational structure is designed to allow a more streamlined operation with stronger focus on licensing its SDV technology aimed to enhance long-term stability

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