PSQ Holdings (PSQH) said Monday it launched its payments platform and received a $5.4 million public equity investment while simultaneously announcing a plan to reduce its staff by 35%.
Chief Executive Michael Seifert said the community is aiming for annualized payment processing of $1 billion by Christmastime.
"We have also recognized we can run a headcount-light tech software business model," he said. "With a bolstered cash position to help fund payments initiatives and a leaner organization, we believe we can focus on our goal of reaching profitability in near term."
Shares of the company were up more than 3% in recent Monday premarket activity.
Price: 2.7500, Change: +0.08, Percent Change: +3.00
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