Wish to reduce workforce by approx. 255 employees

Board approves plan to reduce workforce by approx. 255 employees, or about 34% of the current global workforce; ests approx. $8.7 mln in restructuring charges

• WISH's Board of Directors approved a plan to reduce the Company's workforce by approximately 255 employees, representing about 34% of the Company's current global workforce (the "RIF Plan"). This includes approximately 160 employees in the United States, representing about 41% of the Company's domestic workforce and approximately 95 non-U.S. employees, representing about 26% of the Company's international workforce. In connection with the RIF Plan, and in compliance with the WARN Act, for a period of 60 days commencing on August 1, 2023, the impacted employees will be provided severance benefits, including cash severance payments and reimbursement of medical insurance premiums. The RIF Plan is intended to refocus the Company's operations to support its ongoing business prioritization efforts, better align resources, and improve operational efficiencies.
• The Company estimates that it will incur non-recurring charges of approximately $8.7 million related to WARN Act compliance, severance payments to affected employees globally, and other personnel reduction costs in connection with the RIF Plan. The Company expects that the majority of these charges will be incurred in the third quarter of 2023 and that the implementation of the RIF Plan will be substantially complete by the end of fiscal year 2023.
• The Company expects to realize run-rate savings of approximately $43 million to $46 million on an annualized basis starting in the fourth quarter of 2023.