Brief: Ontrak Approved A Restructuring Plan

Ontrak

19/08/2022 21:59

Aug 19 (Reuters) - Ontrak Inc  OTRK.O :
    * ONTRAK INC - ON AUGUST 18, APPROVED A RESTRUCTURING PLAN
    * ONTRAK - INTENDS TO REDUCE ABOUT 34% OF POSITIONS, $7.7
MILLION
OF ANNUAL COMPENSATION RELATED COSTS, ABOUT $3.0 MILLION OF
ANNUAL THIRD PARTY COSTS
    * ONTRAK INC - ESTIMATES ONE-TIME COSTS OF ABOUT $0.7
MILLION OF
TERMINATION BENEFITS TO IMPACTED EMPLOYEES
    * ONTRAK INC - EXPECTS TO COMPLETE RESTRUCTURING PLAN BY END
OF Q3
OF 2022

Source text for Eikon: [https://bit.ly/3dI4nzs]
Further company coverage:  OTRK.O 

 ((Reuters.Briefs@thomsonreuters.com;))