Trust Stamp cuts workforce, shares fall

T Stamp

23/08/2022 16:04

** Shares of AI-powered identity services co Trust Stamp Inc
 IDAI.O  fall as much as 5% to $1.45
    ** Company says it has cut about 12% of its employed and
contractor workforce  urn:newsml:reuters.com:*:nNDL3xnl2N
    ** This workforce reduction is in addition to the layoffs
undertaken in Q2 and Q3 of about 8% through attrition and
reorganizations  urn:newsml:reuters.com:*:nFWN2ZZ1CF
    ** Company adds that these efficiencies are expected to
reduce its operational burn for the ensuing 12 months to under
$2 mln 
    ** Stock has fallen ~64% this year 

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))