OneSpan approves Phase Two restructuring ($10-17M charges, $20-25M annual savings) and $50M share repurchase program

OneSpan Inc.

Phase Two headcount reduction approved; total charges estimated $10M-$17M through 2025, all severance.
Phase One (Q1 2022) incurred $2.7M in charges; expected to generate $10M-$12M in annualized savings.
Combined Phase One and Phase Two expected to deliver $30M-$37M in annualized savings for three-year plan.
Board terminated prior buyback program; authorized new $50M share repurchase program expiring May 11, 2024.
Repurchases may be made in open market or private transactions at company's discretion depending on conditions.

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