Pixelworks announces restructuring with ~16% workforce reduction, expects $1.7M in severance charges

PIXELWORKS, INC

Board approved ~16% workforce reduction across operations, R&D, sales, marketing, and admin.
Expects $1.7M in severance/benefits charges, largely in Q2 2024; ESOP repurchase of $1.2M.
Annualized cost savings projected at ~$4.0M; restructuring substantially complete by end of June 2024.
ESOP repurchased shares (0.50% of PWSH shares) held as treasury; can be re-issued within 3 years.

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