BSQUARE CORP /WA: restructuring charge — Bsquare cuts workforce ~20%; expects $0.2-0.3M restructuring costs in Q4 2022/Q1 2023

BSQUARE CORP /WA

Headcount reduced by ~20% as part of cost alignment with 2023 strategic and operating priorities.
Estimated restructuring costs of $0.2M to $0.3M, primarily severance, benefits, and related costs.
Charges expected in Q4 2022 and Q1 2023; completion anticipated by Q1 2023.
Plan subject to local law and consultation requirements, which may extend beyond Q1 2023 in some countries.

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

BSQUARE CORP /WA announced a restructuring with charges of approximately $0.2 million to $0.3 million (approximately 20%).

Type: restructuring
Charge: approximately $0.2 million to $0.3 million
Headcount: approximately 20%

Exact text from the filing

On December 5, 2022, Bsquare Corporation (“Bsquare” or the “Company”) enacted a reduction in workforce plan (the “Plan”) as part of broader efforts to align the Company’s cost base with its 2023 strategic and operating priorities. The Plan is expected to reduce the Company’s headcount by approximately 20%. The Company estimates the aggregate restructuring costs associated with the Plan to be approximately $0.2 million to $0.3 million, primarily consisting of severance payments, employee benefits and related costs.

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Source: SEC EDGAR

accession 0001437749-22-028671

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