secwatch.observer — SEC 8-K summary
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Issuer:     OneSpan Inc. (OSPN)
CIK:        0001044777
Form:       8-K
Filed at:   2022-05-17T23:59:59+00:00
Accession:  0001558370-22-009070
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.05, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1044777/000155837022009070/0001558370-22-009070-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1044777/000155837022009070/ospn-20220512x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-22-009070

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