---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-033115"
form_type: "8-K"
ticker: "OSPN"
cik: "0001044777"
company_name: "OneSpan Inc."
filed_at: "2023-09-27T23:59:59+00:00"
generated_at: "2026-06-10T08:02:45.223654+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# OneSpan provides restructuring update: expects ~85% workforce reduction completion by year-end, $31M annual savings

## Summary
- Completed significant workforce reductions in Q3; expects 85% of planned cuts done by end of 2023 with ~$31M annualized savings.
- Restructuring charges estimated at $11-12M for employee transition and severance; most remaining cuts in 2024.
- Reaffirms FY2023 revenue guidance $226-232M, adjusted EBITDA $0-3M; targeting FY2024 adj. EBITDA margin ≥20%.
- Cash balance expected ~$65-70M at year-end 2023, including $7M restructuring payments and $3.5M in Q3 share repurchases.
- Board considering additional mechanisms to return excess capital to shareholders amid limited trading liquidity.

## SEC filing metadata
- accession: 0001628280-23-033115
- form_type: 8-K
- ticker: OSPN
- cik: 0001044777
- company_name: OneSpan Inc.
- filed_at: 2023-09-27T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1044777/000162828023033115/0001628280-23-033115-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1044777/000162828023033115/ospn-20230927.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-033115
- JSON: https://secwatch.observer/filing/0001628280-23-033115.json
- Plain text: https://secwatch.observer/filing/0001628280-23-033115.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.