UNITED STATES
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FORM
CURRENT REPORT
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Item 2.05 Costs Associated with Exit or Disposal Activities
On November 11, 2022, the management of Vinco Ventures, Inc. (the “Company”) executed a Board-approved reduction-in-force plan to reduce operating costs and better align its workforce expenses with the needs of its business.
Under this plan, the Company reduced its workforce by 39 employees (approximately 65%). The Company expects that the workforce reduction will decrease its annual operating costs by approximately $4.9 million.
In connection with the restructuring, the Company estimates that it will incur aggregate restructuring charges of approximately $48 thousand, which will be recorded in the fourth quarter of 2022, related to one-time employee-related benefit costs. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the workforce reduction.
This Item 2.05 contains forward-looking statements, including, but not limited to, statements related to the expected costs associated with termination benefits and the financial impact of the reduction in force. These forward-looking statements are based on the Company’s current expectations and inherently involve significant risks and uncertainties. The Company’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to cost reduction efforts. In addition, the Company’s workforce reduction costs may be greater than anticipated and the workforce reduction may have an adverse impact on the Company’s development activities. A further description of the risks and uncertainties relating to the business of the Company is contained in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, filed with the Securities and Exchange Commission , and the Company’s subsequent current reports filed with the SEC. The Company undertakes no duty or obligation to update any forward-looking statements contained in this Item 2.05 as a result of new information, future events or changes in its expectations.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: November 16, 2022
VINCO VENTURES, INC. | ||
By: | /s/ Brendan Bosack | |
Name: | Brendan Bosack | |
Title: | Chief Financial Officer |