8-K
filed January 30, 2023, 6:59 PM ET
CIK 0001725872
other material
confidence high
sentiment neutral
materiality 0.80
BM Technologies, Inc.: restructuring charge — BM Technologies launches profit plan cutting 25% of workforce, names new President and CFO
BM Technologies, Inc.
- Targeted reduction of ~25% of headcount vs. Dec 31, 2022; $18M annualized cost savings expected, ~$15M in 2023.
- Restructuring charges of $1.5M to $3.0M anticipated in Q1 2023; actions substantially complete by June 30, 2023.
- Jamie Donahue (ex-CTO) elected President; James Dullinger (CAO) adds CFO role as Robert Ramsey moves to corporate development.
- Investment banking veteran Raj Singh appointed to Board of Directors effective Jan. 27, 2023.
- Strategy shift from becoming a bank to a risk-oriented Fintech with a sponsor-bank model.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
James Dullinger was elected as Chief Financial Officer at BM Technologies, Inc..
- Action
- elected
- Role
- Chief Financial Officer
Exact text from the filing
Concurrent with the transition of Mr. Ramsey, the Company elected James Dullinger, the Company’s Chief Accounting Officer, to the additional position of Chief Financial Officer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Raj Singh was appointed as Board member at BM Technologies, Inc..
- Action
- appointed
- Role
- Board member
Exact text from the filing
On January 27, 2023, the Board of Directors (the “Board”) of the Company appointed Raj Singh to serve as a Board member until the Company’s next annual meeting of shareholders.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Robert Ramsey changed role as other at BM Technologies, Inc..
- Action
- transitioned
Exact text from the filing
Effective January 26, 2023, the Company transitioned Robert Ramsey, the Company’s Chief Financial Officer, from that position to a new corporate development role.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jamie Donahue was elected as President at BM Technologies, Inc..
- Action
- elected
- Role
- President
Exact text from the filing
On January 26, 2023, the Company elected Jamie Donahue, the Company’s Executive Vice President and Chief Technology Officer, as the Company’s President.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
BM Technologies, Inc. announced a restructuring with charges of $1.5 million to $3.0 million (approximately 25% as compared to its headcount at December 31, 2022).
- Type
- restructuring
- Charge
- $1.5 million to $3.0 million
- Headcount
- approximately 25% as compared to its headcount at December 31, 2022
Exact text from the filing
The Company expects the actions necessary to attain these cost reductions will be substantially completed by June 30, 2023. The Company estimates that it will incur $1.5 million to $3.0 million in charges in connection with the Plan, substantially all of which are expected to be incurred in the first quarter of 2023. The charges and timing of such
View on SEC.gov
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