Summary by Moomoo AI
PSQ Holdings completed a strategic plan on October 22, 2024, reducing staff by over 35% to streamline operations and focus on B2B sales and marketing. The company expects a non-recurring severance charge of $355,772.90, plus an estimated $37,367.37 for COBRA benefits, primarily in Q4 2024.Effective November 1, 2024, key executives agreed to voluntary salary reductions to support cost-cutting measures. CEO Michael Seifert's base salary was cut by 25% to $300,000, CFO Brad Searle's by 20% to $300,000, EveryLife™ brand President Sarah Gabel Seifert's by 20% to $240,000, and COO Mike Hebert's by 10% to $315,000. These reductions will remain in effect until further notice, with future increases requiring Compensation Committee approval.
