07:55 AM EDT, 04/03/2024 (MT Newswires) -- Lightspeed Commerce Inc. ( LSPD ) , up 1.8% in US premarket trade, on Wednesday announced a restructuring and cost reduction initiatives.

The reorganization impacts 280 roles, about 10% of Lightspeed's headcount-related operating expenditures. The company has also undertaken several other cost reduction initiatives in facilities and operations. Lightspeed expects that most of the restructuring charges will be incurred in the first quarter of fiscal 2025, and that the execution of the restructuring plan will be substantially complete by the end of the first quarter of fiscal 2025.

"After successfully integrating our many acquisitions into our two flagship products and expanding adoption of our payments offering, Lightspeed is now entering a new phase, one focused on profitable growth to capture the opportunity in front of us," said Lightspeed Founder and CEO Dax Dasilva. "This means making some hard decisions, like reducing spending in specific areas such as headcount, to allow for investments in others."

Lightspeed also announced an NCIB of 10% of its public float, or 9.72 million subordinate voting shares. The stock buyback will run from April 5 and end by April 4 next year. Lightspeed has not repurchased any of its outstanding subordinate voting shares in the past 12 months.

The company reaffirmed its revenue and Adjusted EBITDA outlooks as announced on February 8.

CEO Dax Dasilva recently told Bloomberg the public market is a "good place" for the Montreal-based company, but its board of directors has a responsibility to evaluate all strategic options, including privatization.