Marketing solutions firm Banzai surges on announcement of restructuring plans
** Shares of marketing solutions provider Banzai International BNZI.O surge more than 136% to $6.53 in early trade
** Company announces restructuring plans that include reducing staffing and independent contractor expenses by 27%
** Says long-term debt maturity with Columbia Pacific Advisors extended to 2027 from 2025, with interests now payable in kind - by additional debt, instead of cash
** "Strategic initiative, if fully achieved, will enable us to substantially extend our cash runway and invest in growth" - CEO Joe Davy
** Sees overall improvement in net income of about $13.5 million annually when plan is fully implemented
** Up to Tuesday's close, stock had fallen 97% YTD
Reporting by Neil J Kanatt in Bengaluru
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