Wejo Group Ltd: restructuring charge — Wejo cuts workforce 16%, guides Adj. EBITDA loss to $45-55M, targets mid-2024 FCF breakeven

Wejo Group Ltd

Reduces workforce by ~40 employees (16%); expects $1.8M in severance costs and ~$10M annualized savings.
Monthly cash burn targeted to fall from ~$6M to $2-3M by end of 2023, a >50% reduction.
Updated 2023 Adj. EBITDA loss outlook: $45-55M vs prior guidance of $60-70M.
Issues $2M unsecured note to Chairman Tim Lee with 110% redemption premium, maturing May 22, 2023.
Expects ~200% revenue growth in US marketplace business in 2023; advancing $100M raise via TKB merger.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 1.0

Wejo Group Ltd announced a restructuring with charges of Reduction in force of approximately 40 employees affecting global (approximately 40 employees).

Type: restructuring
Charge: Reduction in force of approximately 40 employees
Affected area: global
Headcount: approximately 40 employees

Exact text from the filing

On March 22, 2023, the Board of Directors of the Company approved a plan to reduce the Company’s workforce by approximately 40 employees, representing approximately 16% of the Company’s total current global workforce.

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Source: SEC EDGAR

accession 0001864448-23-000050

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