CPE News Brief (8.23.2022) – Q4 Inc. (TSX: QFOR) has announced a restructuring which will result in an 8% reduction of the company’s workforce, driving a reduction in operating expenses.
Q4 has 528 employees as of December 31, 2021. The restructuring will involve of layoffs of approximately 40 people.
Q4 announced the restructuring is effective immediately, and resulting organizational changes have been fully implemented.
Q4 went public by way of IPO on TSX on October 29, 2021, raising $100 million in gross proceeds through the issuance of common shares priced at $12 per share.
Q4 stock traded at $4.44 as at Aug 23, 2:22 p.m. EDT.
Ten Coves Capital, the only 10%+ beneficial shareholder, through Ten Coves Capital II funds, controls 10,276,838 common shares or 25.9% of Q4 outstanding shares (as at May 25, 2022).
photo credit: Q4 Inc.
News Release
Q4 Inc. Announces Restructuring
Strategic changes to sales, marketing and R&D will support accelerated path to profitability
August 23, 2022 12:30 PM Eastern Daylight Time
TORONTO–(BUSINESS WIRE)–Q4 Inc. (TSX: QFOR), a leading capital markets communications platform, today announced a restructuring in order to align with market conditions and accelerate its path to profitability, while maintaining the company’s steadfast commitment to its clients and delivering the industry’s best customer experience.
This restructuring will result in an 8% reduction of the company’s workforce, driving a reduction in operating expenses. It includes the reorganization of various sales and marketing functions, along with a refinement of research and development teams against the company‘s most successful products.
“As we stated in our recent Q2 earnings, in response to current market conditions we are accelerating our path to profitability,” said Darrell Heaps, CEO. “Today’s restructuring is designed to focus our sales, marketing and product teams on the most important areas of our business, where we are able to continue to deliver strong growth with new and existing customers. These changes also enable us to realize significant business efficiencies and reduced operating expenses, driving forward our commitment to be cash flow and EBITDA positive by the second half of 2023. I personally want to thank all of our departing colleagues for their dedication and contributions to Q4. We are grateful we had the opportunity to work together and will support them through this transition.”
This restructuring is effective immediately, and resulting organizational changes have been fully implemented.
About Q4 Inc.
Q4 Inc. (TSX: QFOR) is a leading capital markets communications platform that is transforming the way publicly traded companies, investors and investment banks make decisions to efficiently discover, communicate and engage with each other. The Q4 end-to-end technology platform facilitates interactions across the capital markets through its IR website products, virtual events solutions, capital markets CRM, shareholder and market analytics tools. The firm is a trusted partner to more than 2,650 public companies globally including many of the most respected brands in the world. Q4 is based in Toronto, with offices in New York and London. Learn more at q4inc.com
Contacts
Investor Relations:
Sara Pearson, ir@q4inc.com
Media Inquiries:
Karen Greene, media@q4inc.com