Spenda cuts monthly costs by $400,000

• Spenda reported achieving approximately $400,000 in monthly operational savings through headcount reductions, contractor changes, and lower infrastructure spend.
• Following the announcement, the company's share price rose 20% to $0.003.
• The cost reduction initiatives are part of a strategic turnaround aimed at improving capital allocation and streamlining operations.

Spenda (ASX:SPX) has implemented a turnaround plan that reduced its monthly operating costs by approximately $400,000.

The measures follow a recent institutional entitlement offer that raised $1.9 million in gross equity capital.

The company achieved these savings through headcount reductions, contractor adjustments, and decreased spending on subscriptions and infrastructure.

An additional $97,600 in annualised savings was identified through an insurance review.

Following the announcement, the Spenda share price was up at $0.003.

The company reported that monthly recurring payment transaction volumes remain steady at approximately $65 million.

Furthermore, the business recently secured software contracts with 10 Carpet Court retail stores to generate monthly recurring revenue.