Kubient, Inc.: restructuring charge — Kubient cuts workforce 36%, terminates CPO Zemel, expects $320K restructuring charges

Kubient, Inc.

Reduced workforce by 36% (4 employees) on Oct 2, 2023 to cut costs ahead of merger with Adomni, Inc.
Expects restructuring charges of ~$320K in Q4 2023; annualized payroll savings of ~$1M.
CPO Leon Zemel terminated without cause; receives $195K severance, accelerated share vesting, pro-rated bonus.
Company implementing strategic initiatives to maximize working capital in advance of the merger.
Special committee members get $5K/month for Oct/Nov 2023, $2.5K/month thereafter.

item 2.05 item 5.02 item 9.01

Executive movements

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Departed

Leon Zemel

Chief Products Officer

Kubient, Inc.

Effective: 2023-10-02
Filed: October 6, 2023, 7:59 PM ET

the Company terminated the employment of Leon Zemel as Chief Products Officer of the Company without cause.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Leon Zemel was terminated as Chief Products Officer at Kubient, Inc..

Action: terminated
Role: Chief Products Officer

Exact text from the filing

the Company terminated the employment of Leon Zemel as Chief Products Officer of the Company without cause.

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

Kubient, Inc. announced a restructuring with charges of approximately $320,000 (approximately 36% reduction in the Company’s workforce , or 4 people).

Type: restructuring
Charge: approximately $320,000
Headcount: approximately 36% reduction in the Company’s workforce , or 4 people

Exact text from the filing

in connection with the workforce reduction plan with respect to severance payments and benefits. Severance and benefit continuation charges are estimated to be approximately $320,000 and are expected to be recognized primarily in the fourth quarter of 2023. The Company expects the organizational change will reduce current annualized payroll and benefit

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Source: SEC EDGAR

accession 0001140361-23-047397

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