In Deep Trouble, Tintri Reduced Force by 200 to Preserve Cash Resources

On June 22, 2018, the board of directors of Tintri, Inc. approved a reduction in force of approximately 200 employees.

The reduction in force is ongoing and the company expects to complete it shortly. Following this reduction in force, the company expects to have between 40 and 50 employees.

The company has not yet determined the amount of cash expenditures, substantially all of which consist of payroll-related costs, or the total expense that will be incurred in connection with the reduction in force.

The company is undertaking this reduction in force as part of an effort to preserve its cash resources. The company has very limited cash resources remaining and currently does not expect to have sufficient liquidity to continue its operations beyond June 30, 2018.

As previously announced, the company has received notice of noncompliance from the Nasdaq Stock Market, which may result in the company’s securities being delisted from Nasdaq. Following such a delisting, the company’s common stock may trade only on the over-the-counter market, or not at all.

In connection with the reduction in force, the company terminated the employment of Tom Cashman, who was serving as EVP, WW sales and alliances, effective as of June 25, 2018.

Read also:
Tintri not in Compliance With Nasdaq
As it had not yet filed quarterly report for fiscal quarter ended April 30, 2018.
2018.06.25 | Press Release
Tintri: Fiscal 1Q19 Financial Results
Out of cash and consequently unable to continue operations beyond June 30, 2018
2018.06.18 | Press Release | [with our comments]