ON24 INC.: restructuring charge — ON24 commits to restructuring plan; estimated charge $1.7M-$2.0M in Q2 2023

ON24 INC.

Plan includes reduction in force with cash severance and benefits costs estimated at $1.7M-$2.0M by end of Q2 2023.
Restructuring aimed at streamlining organization and reducing expenses; previously telegraphed in May 9 Q1 2023 outlook.
Plan expected substantially complete by end of Q2 2023; possible additional charges in Q3.
Company may incur additional expenses not currently contemplated.

item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

ON24 INC. announced a restructuring with charges of $1.7 million to $2.0 million.

Type: restructuring
Charge: $1.7 million to $2.0 million

Exact text from the filing

On June 22, 2023, in an effort to streamline its organization, ON24, Inc. (the “ Company ”) committed to a restructuring plan to reduce expenses (the “ Plan ”). In connection with the Plan, the Company currently estimates it will incur a charge of between approximately $1.7 million to $2.0 million by the end of the second quarter of 2023, which consists primarily of cash severance, employee benefit, and related costs for the reduction in force.

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Source: SEC EDGAR

accession 0001110611-23-000023

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