Zagg Inc ZAGG:NASDAQ

Last Price$3.06NASDAQ Closing Price as of 3:59PM ET 8/04/20
NASDAQ 15-minute delayed Bid/Ask Quotes
Today's Change+0.11(3.73%)
Bid (Size)$3.13 (1)
Ask (Size)$3.18 (15)
Day Low / High$2.93 - 3.15
Volume862.7 K

ZAGG Board Switches to All-Stock Compensation Program, Withdraws 2020 Outlook Amid Pandemic

6:46AM ET 4/16/2020 MT Newswires
ZAGG Inc (ZAGG) said Wednesday its board has shifted to an all-stock Director compensation program from a cash-and-stock compensation program, effective immediately, to preserve cash amid the COVID-19 pandemic.

The board's current cash compensation will be cut by 15% prior to the new program being implemented. CEO Chris Ahern will also take a 15% salary reduction, while the rest of the executive team and senior managers will take cuts of 10% and 5%, respectively.

The mobile lifestyle company has also withdrawn its full-year 2020 outlook amid current market uncertainties due to the pandemic. The company previously projected 2020 EPS of about $0.50 and flat net sales year over year.

About 20% of the company's US employees have been temporarily furloughed or laid off. The company also reduced its Europe and Asia-Pacific workforce, excluding China, by about 20%.

Other cost-cutting initiatives include deferring non-essential project spending and canceling or delaying purchase orders. The company has also amended its secured revolving credit facility to increase available borrowings by $19.8 million through 2021.

Price: 3.4700, Change: -0.0600, Percent Change: -1.70