CYRN - Cyren plans to cut substantially all of its workforce
- Security solutions company Cyren ( NASDAQ: CYRN ) is planning to reduce substantially all of its workforce, considering the current market conditions and associated challenges with raising additional capital.
- The plan to cut ~121 employees was approved.
- The management anticipates that the company's existing cash and projected cash flows from operations is not sufficient to meet working capital needs in the near term.
- CYRN is assessing all the strategic options, including potential asset monetization or liquidation.
- Source: Press Release
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Cyren plans to cut substantially all of its workforce