Toast Inc (TOST) has released an update.
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On February 13, 2024, a company’s board initiated a Restructuring Plan to enhance efficiency, affecting around 550 employees and incurring charges up to $55 million, mainly for severance. This plan is to conclude by fiscal year-end 2024. Meanwhile, the board also authorized a share repurchase program for up to $250 million of its Class A common stock, with no set expiration and the flexibility to transact as market conditions allow. Both moves are strategic efforts to optimize the company’s operations and shareholder value, with the caution that projected outcomes carry risks and uncertainties.
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