T Stamp Inc 8-K, filed Aug 23, 2022
T Stamp Inc (IDAI)
About this 8-K
T Stamp Inc filed this 8-K on August 23, 2022.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT
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OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 8.01 Other Events.
As of August 23, 2022, the T Stamp Inc. (the “Company”) has cut approximately 12% of its employed and contractor workforce which is in addition to prior Q2 of 2022 and Q3 of 2022 reductions of approximately 8% through attrition and reorganizations, representing a $2.5 million annual saving in personnel costs. In addition, the reorganization is expected to result in non-personnel savings in excess of $0.5 million.
The Company believes this optimization process will not impair the Company’s ability to serve its current clients or add new clients and is in part due to the ending of a labor-intensive pilot program, the maturing stage of its technologies, and the number of channel partnerships that the Company has in place or is negotiating.
These efficiencies are expected to reduce the Company’s operational burn for the ensuing twelve months to under $2.0 million, including a one-time restructuring charge of approximately $0.6 million.
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.
| T STAMP INC. | ||
| By: | /s/ Gareth Genner | |
| Name: Gareth Genner | ||
| Title: Chief Executive Officer | ||
Dated: August 23, 2022