Storage vendor Tintri is in the process of laying off 200 members of its workforce in a bid to preserve its cash resources. The company still expects to go bust by 30 June.
In a filing to the SEC, Tintri revealed that the terminations were "ongoing" but that it expects to complete the process soon, leaving a skeleton staff of 40 to 50 to keep it afloat.
CEO Thomas Barton jumped ship last week, and Tom Cashman, Tintri's VP of worldwide sales and alliances, was also laid off as part of the reduction in workforce.
Tintri is currently $15.4m (£11.7m) in debt with Silicon Valley Bank and owes $50m to TriplePoint Capital, with no further borrowing available.
In its filing, the vendor said: "[Tintri] has very limited cash resources remaining and currently does not expect to have sufficient liquidity to continue its operations beyond 30 June 2018."
"As previously announced, [Tintri] 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."
The vendor has struggled through rough waters since listing on the Nasdaq last summer, and has already seen a wave of job cuts last year.
It cautioned that the trading price of its securities is "volatile, highly uncertain and subject to substantial risks", and that shareholders should not anticipate a return on their shares. Shares are $0.15 at time of writing.
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