24/7 Market News- Banzai Implements Plan that Increases Bottom Line by up to $13.5M

October 9, 2024

DENVER, Colo., Oct 09, 2024 (247marketnews.com)- Banzai International (NASDAQ: BNZI) stated that it’s implementing a comprehensive plan designed to significantly improve its net income, extend its cash runway, and maintain its growth outlook.

The plan calls for the Company to reduce its annual operational expenses by up to $9.9 million and other expenses by up to $3.6 million, through a broad range of measures including strategic workforce adjustments, interest expense reduction, operational consolidation, and other cost-saving moves. These measures are aimed at increasing efficiency and improving scalability while continuing to build its position in the marketing technology industry.

Banzai will curtail discretionary spending, begin cost-reduction measures for certain legal and accounting expenses, reduce real-estate expenses, and leverage automation and digital technologies to enhance operational efficiency.

Joe Davy, Banzai’s CEO, commented, “Alongside the $5m private placement transaction and debt restructuring transactions the company has executed in the last two weeks, we believe that implementing this strategic initiative, if fully achieved, will enable us to substantially extend our cash runway and invest in growth.

“We are dedicated to managing costs efficiently while still advancing innovative products and maintaining the exceptional service our customers rely on, all without sacrificing growth. We will continue to invest in our software platform, sales and marketing and product development. We are confident that this strategic realignment will strengthen our competitive position and contribute to our long-term success.”

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