Edgio, Inc.: restructuring charge — Edgio approves restructuring plan to cut 12% of workforce; expects $23.7M annual savings

Edgio, Inc.

Board approved restructuring on June 6, 2023; reduction of ~134 employees (~12% of global workforce) by Q4 2023.
Estimated restructuring charges of ~$3.7 million in cash for severance and health benefits.
Company expects net annual savings of ~$23.7 million from the restructuring plan.
2023 annual meeting delayed; no date set due to pending restatement of financials for Open Edge solution.
In litigation with College Top Holdings, agreed not to enforce certain stockholder agreement provisions for 2023 meeting.

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

Edgio, Inc. announced a restructuring with charges of approximately $3.7 million (approximately 134 employees, or approximately 12% of the Company's global workforce).

Type: restructuring
Charge: approximately $3.7 million
Headcount: approximately 134 employees, or approximately 12% of the Company's global workforce

Exact text from the filing

global workforce, to be implemented through the fourth quarter of 2023 (the “Reduction in Force”). The Company estimates that Restructuring Plan charges will be approximately $3.7 million and will be recorded as restructuring expenses which consist of one-time severance charges and continuation of health benefits. The foregoing estimated charges will be cash

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Source: SEC EDGAR

accession 0001193125-23-162681

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