Marketing solutions firm Banzai surges on announcement of restructuring plans

Parabolic Technologies

09/10/2024 14:45

** Shares of marketing solutions provider Banzai
International  BNZI.O  surge more than 136% to $6.53 in early
trade
    ** Company announces restructuring plans that include
reducing staffing and independent contractor expenses by 27%
    ** Says long-term debt maturity with Columbia Pacific
Advisors extended to 2027 from 2025, with interests now payable
in kind - by additional debt, instead of cash
    ** "Strategic initiative, if fully achieved, will enable us
to substantially extend our cash runway and invest in growth" -
CEO Joe Davy
    ** Sees overall improvement in net income of about $13.5
million annually when plan is fully implemented
    ** Up to Tuesday's close, stock had fallen 97% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))