Ouster ( NYSE: OUST ) jumped in early trading on Tuesday after announcing a plan to streamline the company's cost structure.
The cost-savings initiative include reducing spending across the business by over 15% and reducing headcount by around 10%.
In addition, Ouster ( OUST ) suspended sales of common stock through its at-the-market offering.
Those efforts are seen extending Ouster's expected cash runway.
“We are laser-focused on bolstering our path to profitability and minimizing capital requirements. These efforts, coupled with our industry-leading margins, focused growth, and robust product roadmap, especially the upcoming launch of the L3 chip, keep us on that path," noted Ouster CEO Angus Pacala.
Shares of Ouster ( OUST ) rallied 3.45% in premarket action to $1.20 vs. the 52-week trading range of $1.5 to $7.95.
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Ouster rallies after announcing cost-savings plan