Item 2.05 Costs Associated with Exit or Disposal Activities.
On December 5, 2022, Bsquare Corporation ("Bsquare" or the "Company") enacted a
reduction in workforce plan (the "Plan") as part of broader efforts to align the
Company's cost base with its 2023 strategic and operating priorities. The Plan
is expected to reduce the Company's headcount by approximately 20%. The Company
estimates the aggregate restructuring costs associated with the Plan to be
approximately $0.2 million to $0.3 million, primarily consisting of severance
payments, employee benefits and related costs. The Company expects to incur
these charges in the fourth quarter of 2022 and the first quarter of 2023. The
Company expects the reduction in force to be substantially complete by the first
quarter of 2023, subject to local law and consultation requirements, which may
extend the process beyond the first quarter of 2023 in certain countries.
The Company may incur other charges or cash expenditures not currently
contemplated due to unanticipated events that may occur as a result of or in
connection with the implementation of the Plan.
Cautionary Statement Regarding Forward-Looking Statements
Item 2.05 of this Current Report on Form 8-K contains "forward-looking
statements" within the meaning of the safe-harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking statements can be
identified by words such as: "expect," "continue," "believe," "plan,"
"strategy," "future," "may," "should," "will," and similar references to future
periods. Examples of forward-looking statements include, among others, the
number of positions affected by the Plan, and the estimated charges associated
with, and the timeframe for completion of, the Plan, as well as assumptions
relating to the foregoing. Forward-looking statements are neither historical
facts nor assurances about future performance. Instead, they are based on
current beliefs, expectations and assumptions about the future of our business
and other future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks, and changes in
circumstances that are difficult to predict and many of which are outside of our
control. Therefore, you should not rely on any of these forward-looking
statements.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Description
Cover Page Interactive Data File
104 (embedded within the Inline XBRL
document)
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