Brief: OneSpan Inc - On May 12, Board Approved Additional Actions Related To Multi-Year Strategic Plan Through Year Ending December 31, 2025

Onespan

17/05/2022 13:51

May 17 (Reuters) - OneSpan Inc  OSPN.O :
    * ONESPAN INC - ON MAY 12, BOARD APPROVED ADDITIONAL ACTIONS
RELATED TO MULTI-YEAR STRATEGIC PLAN THROUGH YEAR ENDING
DECEMBER 31, 2025
    * ONESPAN INC - PHASE TWO OF MULTI-YEAR STRATEGIC PLAN
CONSISTS
SOLELY OF HEADCOUNT-RELATED ACTIONS
    * ONESPAN INC - EXPECTS TO RECORD CHARGES OF ABOUT $10
MILLION-$17
MILLION DURING LAST THREE QUARTERS OF 2022 THROUGH YEAR ENDING
2025
    * ONESPAN INC - CHARGES WILL BE ENTIRELY FOR SEVERANCE AND
RELATED
BENEFIT COSTS ASSOCIATED WITH REDUCED HEADCOUNT
    * ONESPAN INC - CHARGES ARE EXPECTED TO RESULT IN FUTURE
CASH
EXPENDITURES
    * ONESPAN INC - PHASE TWO OF MULTI-YEAR STRATEGIC PLAN
EXPECTED TO
RESULT IN ABOUT $20 MILLION-$25 MILLION OF ANNUALIZED SAVINGS
    * ONESPAN INC - ON MAY 12, BOARD TERMINATED STOCK REPURCHASE
PROGRAM ADOPTED ON JUNE 10, 2020 AND ADOPTED A NEW STOCK
REPURCHASE PROGRAM
    * ONESPAN INC - AUTHORIZED TO REPURCHASE UP TO $50 MILLION
OF
OUTSTANDING SHARES OF COMMON STOCK


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