SolarEdge Technologies (SEDG) shares were 19% higher Monday after the company said it plans to reduce its headcount by about 400 employees globally to lower overhead expenses and enhance efficiency in other operating areas.

The workforce reduction will result in estimated pre-tax charges of about $3 million to $5 million including severance, other one-time termination benefits and other costs, according to the company.

SolarEdge expects the job cuts to reduce quarterly expenses by about $9 million to $11 million.

The company also said it will implement additional cost-cutting measures including a limit on discretionary spend so that it aligns with its business needs.

Price: 18.17, Change: +2.89, Percent Change: +18.91