Springbig, a Florida-based technology company that builds marijuana-specific marketing software, said it is cutting almost a quarter of its workforce as part of an effort to become profitable amid tumbling stock prices.
The staff reduction comes after Springbig merged with Tuatara Capital Acquisition, a special purpose acquisition corporation, in a move to list on the Nasdaq.
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Springbig said in a Wednesday news release that it would eliminate 37 jobs, or 23% of the company’s overall workforce, “through a combination of layoffs and attrition.”
The layoffs will save the company about $200,000 in the current fiscal quarter, the release noted, and likely will reduce expenses through the first nine months of next year by 21%.
When the merger with Tuatara was announced in late 2021, Springbig claimed 1,300 customers across more than 2,400 retail locations in the United States and Canada.
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