WM TECHNOLOGY, INC. (MAPS): restructuring charge — WM Technology cuts up to 175 jobs (25% of workforce); expects $10.7M severance charge

WM TECHNOLOGY, INC.

Board approved reduction of up to 175 employees, ~25% of global workforce.
Estimated charges of ~$10.7M primarily for cash severance and benefits.
Most cash costs expected in Q4 2022; reduction substantially complete by Q1 2023.
Action part of cost-reduction initiatives to sharpen focus on growth priorities.

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

WM TECHNOLOGY, INC. announced a restructuring with charges of approximately $10.7 million (up to 175 employees, representing approximately 25% of the Company's total global workforce).

Type: restructuring
Charge: approximately $10.7 million
Headcount: up to 175 employees, representing approximately 25% of the Company's total global workforce

Exact text from the filing

On November 29, 2022 and December 1, 2022, the Board of Directors of WM Technology, Inc. (the “Company”) approved plans to reduce the Company’s current workforce by up to 175 employees, representing approximately 25% of the Company’s total global workforce. This decision was based on cost-reduction initiatives intended to reduce operating expenses and sharpen the Company’s focus on key growth priorities. The Company currently estimates that it will incur charges of approximately $10.7 million in connection with the reduction in force, primarily consisting of cash severance payments, employee benefits and related costs.

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Source: SEC EDGAR

accession 0001779474-22-000089

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