Brief: Payoneer Global Announced A Plan To Reduce Its Workforce By About 9% Of Co's Current Total Headcount

Payoneer Global

10/07/2023 22:57

July 10 (Reuters) - Payoneer Global Inc  PAYO.O :
    * PAYONEER GLOBAL INC - ON JULY 10 ANNOUNCED A PLAN TO
REDUCE ITS
WORKFORCE BY APPROXIMATELY 9% OF COMPANY'S CURRENT TOTAL
HEADCOUNT
    * PAYONEER GLOBAL INC - EXPECTS THAT IMPLEMENTATION OF PLAN
WILL
BE SUBSTANTIALLY COMPLETED BY END OF Q3 OF 2023
    * PAYONEER GLOBAL - ESTIMATES IT WILL INCUR CHARGES OF
APPROXIMATELY $5 MILLION IN CONNECTION WITH PLAN, WHICH ARE
EXPECTED TO BE INCURRED IN Q3 OF 2023
    * PAYONEER GLOBAL INC - EXPECTS AN ANNUALIZED FUTURE BENEFIT
TO
ITS OPERATING EXPENSES OF APPROXIMATELY $20 MILLION IN
CONNECTION WITH REDUCTION PLAN
    * PAYONEER GLOBAL INC - STILL EVALUATING POSITIVE IMPACT
REDUCTION
PLAN WILL HAVE ON ITS 2023 GUIDANCE AS DISCLOSED ON MAY 9, 2023

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