Brief: Butterfly Network In Addition To Strategic Realignment, Plan Includes A 25% Workforce Layoff And Other Savings

Butterfly Network

14/07/2023 22:19

July 14 (Reuters) - Butterfly Network Inc  BFLY.N :
    * BUTTERFLY NETWORK INC - IN ADDITION TO STRATEGIC
REALIGNMENT,
PLAN INCLUDES A 25% REDUCTION IN COMPANY'S WORK FORCE AND OTHER
SAVINGS
    * BUTTERFLY NETWORK INC - SEES THAT IT WILL INCUR AROUND $5
MILLION IN CASH CHARGES RELATED TO EMPLOYEE SEVERANCE AND
BENEFITS COSTS
    * BUTTERFLY NETWORK INC - SEES CASH CHARGES RELATED TO
EMPLOYEE
SEVERANCE AND BENEFITS COSTS TO INCUR IN THIRD AND FOURTH
QUARTERS OF 2023
    * BUTTERFLY NETWORK INC- PLAN WILL REDUCE CO'S CASH USE BY
AN
AVERAGE OF ABOUT $2 MILLION PER MONTH AND ALLOW CO TO EXTEND ITS
CASH RESOURCES

Further company coverage:  BFLY.N