Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.95
PLAYSTUDIOS, Inc. announced a restructuring with charges of The Plan includes a reduction of the Company’s current total global workforce by approximately 14 percent. The Company expects to substantially complete the per affecting global workforce (approximately 14 percent).
- Type
- restructuring
- Charge
- The Plan includes a reduction of the Company’s current total global workforce by approximately 14 percent. The Company expects to substantially complete the per
- Affected area
- global workforce
- Headcount
- approximately 14 percent
Exact text from the filing
On February 28, 2023, PLAYSTUDIOS, Inc. (the “Company”) initiated an internal reorganization plan (the “Plan”) which is intended to enhance efficiency and reduce operating expenses. The Plan includes a reduction of the Company’s current total global workforce by approximately 14 percent. The Company expects to substantially complete the personnel reduction by the end of the second quarter of fiscal year 2023, but the timing of certain reductions will vary based on job function and location, including local legal requirements. The Company estimates that it will incur approximately $4.5 million to $5.5 million in charges in connection with the Plan, which will be substantially incurred in the first and second quarters of fiscal year 2023.
View on SEC.gov