Springbig Holdings, 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.
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.
In May, Springbig reported annual revenue of $24 million and a $275 million valuation, according to Green Market Report.
At the close of trading on the Nasdaq on Wednesday, Springbig’s shares (SBIG) were at roughly 82 cents, down from $4.50 in June.