Lightspeed To Eliminate Approx. 10% Of Headcount-related Operating Expenditures

(RTTNews) - Lightspeed Commerce Inc. (LPSD, LSPD.TO) announced a reorganization and cost reduction initiatives. The reorganization impacts approximately 280 roles representing about 10% of headcount-related operating expenditures. Lightspeed expects that the majority of the restructuring charges will be incurred in the first quarter of fiscal 2025. The company reaffirmed its previously-established revenue and adjusted EBITDA outlooks.

Lightspeed has authorized, and the TSX has approved, a normal course issuer bid to purchase for cancellation up to 9,722,677 subordinate voting shares of Lightspeed over the twelve-month period commencing on April 5, 2024 and ending no later than April 4, 2025, representing approximately 10% of the public float of the subordinate voting shares issued and outstanding as at March 22, 2024.