Benzinga | Jul 20, 2020 04:59PM EDT

Marin Software On July 15 Commenced Implementation Of Restructuring & Reduction In Force Plan To Reduce Operating Costs, Address Impact Of Covid-19

On July 15, 2020, Marin Software Incorporated (the "Company") commenced the implementation of a restructuring and reduction in force plan to reduce the Company's operating costs and address the impact of the COVID-19 pandemic (the "Restructuring Plan"), which is expected to result in the reduction of the Company's global workforce by approximately 55 employees, approximately half of which are located outside of the United States. The Company expects to substantially complete the Restructuring Plan by the end of the quarter ending September 30, 2020.

The Company estimates that it will incur approximately $1.5million to $2.0million of cash expenditures in connection with the Restructuring Plan, substantially all of which relates to severance costs. The Company expects to recognize the majority of thepre-taxrestructuring charges by the end of the quarter ending September 30, 2020.