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Gsi Technology Announces Strategic Cost Reduction Initiatives

Published on November 30, 2022 01:11 PM PST

Nov 30 (Reuters) - GSI Technology Inc:

* GSI TECHNOLOGY ANNOUNCES STRATEGIC COST REDUCTION INITIATIVES

* GSI AIMS TO REDUCE ITS OPERATING EXPENSES BY APPROXIMATELY $7.0 MILLION ON AN ANNUALIZED BASIS

* COST REDUCTION INITIATIVE IS EXPECTED TO BE COMPLETED BY MARCH 31, 2023, WILL RESULT IN ABOUT 15% DECREASE IN GSI'S GLOBAL WORKFORCE

* EXPECTS TO INCUR APPROXIMATELY $850,000 IN TERMINATION COSTS, INCLUDING PAYOUT OF ACCRUED VACATION

* PLANNED SPENDING REDUCTIONS WILL NOT IMPACT LAUNCH OF GEMINI-I IN TARGET MARKETS, INCLUDING SAR, SEARCH, AND SAAS Source text for Eikon: Further company coverage:

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