Veritone Inc.
06/10/2026 | Press release | Distributed by Public on 06/10/2026 14:12
Reorganization (Form 8-K)
Item 2.05 Costs Associated with Exit or Disposal Activities
On June 1, 2026, Veritone, Inc. (the "Company") made the decision to implement a restructuring plan (the "Plan"), which includes a workforce reduction that was initiated on June 10, 2026, and a reduction in certain third-party operating costs. These actions are intended to reduce up to 30% of the Company's operating expenses as part of a realignment of its business and cost structure.
The Company expects that the Plan will reduce the size of the Company's workforce by at least 25% of its employee count as of March 31, 2026.
The workforce reduction began on June 10, 2026 in structured phases and is expected to be substantially completed by late July 2026. Employees affected by the Plan may be eligible to receive, among other things, severance payments based on the applicable employee's length of service with the Company and the continuation of benefits for a specified time period post-termination, provided, that each affected employee's eligibility for severance benefits is contingent upon such employee's execution of a separation agreement, which includes a general release of claims against the Company.
At this time, the Company cannot reasonably estimate the costs and charges in connection with these actions. These costs and charges will relate primarily to employee transition, severance payments, exit costs of certain operating agreements and continuation of employee benefits.
Following the completion of the Plan in Q3, the Company expects to achieve an annualized reduction of up to 30% of its annual operating expenses as compared to the trailing twelve months ended March 31, 2026.
Veritone Inc. published this content on June 10, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 10, 2026 at 20:13 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]