Vinco Ventures, Inc.: restructuring charge — Vinco Ventures cuts 65% of workforce (39 employees) to reduce annual costs by $4.9M

On November 11, 2022, the management of Vinco Ventures, Inc. (the “Company”) executed a Board-approved reduction-in-force plan to reduce operating costs and better align its workforce expenses with the needs of its business. Under this plan, the Company reduced its workforce by 39 employees (approximately 65%). The Company expects that the workforce reduction will decrease its annual operating costs by approximately $4.9 million. In connection with the restructuring, the Company estimates that it will incur aggregate restructuring charges of approximately $48 thousand, which will be recorded in the fourth quarter of 2022, related to one-time employee-related benefit costs.