April 12, 2017 / 8:25 PM / 3 months ago

BRIEF-MoSys to reduce about 60 pct of total workforce

2 Min Read

April 13 (Reuters) - MoSys Inc

* MoSys announces revised operating plan

* MoSys Inc - will implement a reduction in workforce of up to 35 positions, or approximately 60% of total headcount

* Says under plan, company will implement a reduction in workforce of up to 35 positions

* MoSys Inc - headcount reduction will be substantially completed in Q2 of 2017 and take place across all geographic locations

* MoSys Inc - this headcount reduction will be substantially completed in Q2 of 2017 and take place across all geographic locations.

* MoSys Inc says expects to incur approximately $0.6 million of charges for severance benefits and other one-time headcount termination costs

* MoSys Inc says expects to realize approximately $6.0 million of savings for personnel costs on an annual basis from headcount reductions

* MoSys Inc - company expects that substantially all of the charges will be recognized and paid in q2 2017

* Says in second half of 2016, its board of directors engaged an investment bank to act as its strategic financial advisor

* MoSys Inc - in second half of 2016 initiated a process to explore and review a range of strategic alternatives focused on maximizing stockholder value Source text for Eikon: Further company coverage:

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