ASX-listed Limeade to cut 15% of workforce, shares fall

Limeade

12/01/2023 03:56

** Shares of Australia's Limeade Inc  LME.AX  fall as much
as 4.2% to A$0.288, their lowest since Dec 29, 2022
    ** The U.S. based software-as-a-service firm announces a
corporate restructure which will in turn lower their overall
headcount by 15%
    ** Says will restructure its Research and Development,
product, customer operations, sales and other teams
    ** Adds costs anticipated for reduction in force to be about
$1.3 mln and annualized savings estimated to be about $7 mln
    ** Co also announced that their CFO Todd Spartz will resign
    ** Stock fell 34% in 2022
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))