Otonomo Layoffs
August 2022
Otonomo announced a layoff affecting 0 employees in August 2022. The company operates in the Transportation sector.
0
Aug 28, 2022
Company Information
- Industry
- Transportation
- Country
- IL
- Region
- Tel Aviv, Non-U.S.
About
Israeli autotech company Otonomo is laying off dozens of employees, impacting its workforce of nearly 200 people. This significant reduction follows a dramatic decline in the company's market value, which has plummeted from $1.26 billion at its SPAC-led IPO in 2021 to just $62 million by August 2022. The layoffs are part of a restructuring effort amid poor business results, failure to meet revenue forecasts, and macroeconomic challenges. The company, which operates a data marketplace for connected vehicles, also faces potential delisting from Nasdaq after its stock traded below $1 for over 30 days.
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support@layoffs.nlCompany Information
- Industry
- Transportation
- Country
- IL
- Region
- Tel Aviv, Non-U.S.