Appgate, Inc.: restructuring charge — Appgate reduces workforce by 8% (34 positions) to align with market conditions

Appgate, Inc.

Reduction in force of 34 employees/contractors, approximately 8% of total workforce.
Layoffs commenced Feb 1, 2023; substantially completed by Feb 2, 2023.
Estimated $500K in severance and termination costs to be recognized in Q1 2023.
Actions taken to support long-term success amid market conditions.

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

Appgate, Inc. announced a restructuring with charges of approximately $500 thousand of costs and expenses (approximately an aggregate of 34 employees and contractors (approximately 8% of our workforce)).

Type: restructuring
Charge: approximately $500 thousand of costs and expenses
Headcount: approximately an aggregate of 34 employees and contractors (approximately 8% of our workforce)

Exact text from the filing

employees and contractors by February 2, 2023. The Reduction has now been substantially completed. In connection with the Reduction, we estimate that we will incur approximately $500 thousand of costs and expenses, primarily comprising severance and termination-related costs, which we expect to recognize in the first quarter of 2023. Forward-Looking Statements This

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Source: SEC EDGAR

accession 0001628280-23-002415

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