On May 22, 2024, Nuheara Limited (ASX:NUH) announced on the market that the company has undertaken a strategic review into its costs and resourcing levels. In its announcement, Nuheara said the business was restructuring its investment levels including limiting new production and marketing spend. The company's Managing Director and Chief Executive Officer Justin Miller will receive $162,880 per annum as a remuneration package during the Nuheara's review, a significant drop from the $407,200 under his contract.

"The company has also undertaken a review of resourcing levels and all costs associated with these resources," Nuheara said on the ASX. "Accordingly, while this reduced investment will limit sales and revenue of current generation product, it reduces the level of additional external capital expected to be required to complete the strategic review process. "The strategic review is ongoing, including active discussions with multiple potential M&A partners." Nuheara will also seek approval from shareholders for certain directors to have their cash salary or fees cut, for shares in the company, at the upcoming general meeting.

The company is in a trading halt pending the lodgement of its half yearly financial statements. However, Nuheara's board will request an extension to the trading suspension until the strategic review ends. Azure Capital is Nuheara's adviser for the strategic review.