Kubient : Costs Associated with Exit/Disposal - Form 8-K
October 07, 2023 at 01:38 am IST
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Item 2.05
Costs Associated with Exit or Disposal Activities.
On October 2, 2023, Kubient, Inc. (the "Company") reduced expenses by implementing an approximately 36% reduction in the Company's workforce, or 4 people. The reduction in workforce is intended to reduce the Company's operating costs in connection with the implementation of the Company's strategic initiatives to maximize its working capital in advance of its merger with Adomni, Inc.
The Company expects to recognize restructuring charges in connection with the workforce reduction plan with respect to severance payments and benefits. Severance and benefit continuation charges are estimated to be approximately $320,000 and are expected to be recognized primarily in the fourth quarter of 2023. The Company expects the organizational change will reduce current annualized payroll and benefit expenses by approximately $1,000,000.
Forward-Looking Statements Disclaimer
The disclosure contained in this Item 2.05 contains forward-looking statements concerning the expected charges and costs associated with the reduction in workforce as well as the Company's strategic initiatives plans. These forward-looking statements involve risks and uncertainties. Facts that could cause actual results to differ materially from the statements included in this Item 2.05 disclosure include difficulties encountered in implementing the planned workforce reductions such as litigation or other claims arising out of the reduction. Further information on potential factors that could affect the Company's future financial results are included in the Company's Registration Statement on Form S-1 filed with the SEC on December 21, 2020.
Kubient Inc. published this content on 06 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 October 2023 20:07:19 UTC.
Kubient, Inc. is a technology company. The Company provides Audience Marketplace, a cloud-based software platform for real-time trading of digital, programmatic advertising. Its platform enables advertisers and publishers to transact directly with each other on an open, end-to-end real-time bidding platform for programmatic digital advertising. Its advertising inventory on its platform is available in any channel: desktop, mobile, digital out-of-home, and connected devices; and in any format: video, display, audio, and native. Its fully integrated audience platform provides a fraud-minimized, transparent, independent advertising marketplace that facilitates intelligent decision-making, and automated transaction execution for the programmatic advertising industry. Its platform offers a machine learning fraud prevention solution, extremely low latency times and an audience management platform, which provides omni-channel access into all advertising channels, inventory and ad formats.
KUBIENT, INC. 