Woes continue for local companies who went public after SPAC mergers
Satellite -imaging provider Planet Labs is laying off 17% of its staff, including 98 people based at its San Francisco headquarters.
“This action was taken consistent with the Company's ongoing focus on aligning the Company’s resources to the market opportunity, improving operational efficiency, and supporting the long-term growth and profitability of the business,” Planet Labs said in its SEC filing. All of the workers affected by the local layoffs were based at its headquarters, which is on the fourth floor of 645 Harrison St., Murphy said.This is the second round of layoffs in the last year. Planet Labs announced last summer that it would cut 117 employees globally, or 10% of its staff at the time. The company told the state in August 2023 that the cuts included 85 workers in San Francisco.
SF billionaires made Trump sound measured — but no less menacing Not spewing hatred and vitriol during one 50-minute conversation is not the correct measure of fitness for a commander in chief Since going public in late 2021, the company has never posted a profit. In its last fiscal year, it burned through $50.7 million in cash and spent another $49.9 million on business acquisitions or capital expenditures, including property, equipment and software.
Immediately after the onset of the COVID-19 pandemic, the Federal Reserve loosened the money supply to spur a recovery from the pandemic-related lockdowns. That move sent a flood of money into the stock markets. During that period, record numbers of SPACs went public and used the cash they raised to merge with startups.
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