Zedge Inc. filed SEC Form 8-K: Costs Associated with Exit or Disposal Activities, Regulation FD Disclosure, Financial Statements and Exhibits
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Item 2.05. Costs Associated with Exit or Disposal Activities.
On January 21, 2025, Zedge, Inc. (the “Company”) announced a corporate restructuring, which includes a workforce reduction involving approximately 14 employees, representing approximately 14% of our global workforce. These changes reflect efforts to improve profitability and position the Company for long-term growth. These actions were approved by the Company’s Board of Directors on January 20, 2025.
The Company is not currently able to estimate the non-recurring costs it expects to incur as a result of this workforce reduction, most of which it expects to incur in the second and third quarters of fiscal year 2025 (the periods ending January 31, 2025 and April 30, 2025).
Item 7.01. Regulation FD Disclosure.
On January 21, 2025, the Company issued a press release announcing a restructuring plan. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
The Company is furnishing the information contained in this Report, including Exhibit 99.1, pursuant to Item 7.01 of Form 8-K promulgated by the Securities and Exchange Commission (the “SEC”). This information shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC. In addition, the press release contains statements intended as “forward-looking statements” that are subject to the cautionary statements about forward-looking statements set forth in the press release.
Forward-Looking Statements
This current report on Form 8-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current views with respect to, among other things, its operations, including the recently announced plan to implement a global workforce reduction and restructuring of our operations and its expected impact, its financial performance, its industry and its business. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believe(s),” “expect(s),” “potential,” “continue(s),” “may,” “will,” “should,” “could,” “would,” “seek(s),” “predict(s),” “intend(s),” “trends,” “plan(s),” “estimate(s),” “anticipates,” “projection,” “will likely result” and or the negative version of these words or other comparable words of a future or forward-looking nature. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to those described under “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended July 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) as such factors may be updated from time to time in the Company’s periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No | Document | |
| 99.1 | Press Release issued January 21, 2025. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURE
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 hereunto duly authorized.
| ZEDGE, INC. | ||
| By: |
/s/ Jonathan Reich | |
| Name: | Jonathan Reich | |
| Title: | Chief Executive Officer | |
Dated: January 21, 2025
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EXHIBIT INDEX
| Exhibit No | Document | |
| 99.1 | Press Release issued January 21, 2025. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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