By Connor Hart
Shares of PSQ Holdings gained after the company said it would implement a strategic plan that includes cutting 35% of its staff and that it had raised $5.4 million in a sale of its stock.
The stock rose 8.6% to $2.90 in afternoon trading Monday. Shares are down 45% this the year.
The holding company for digital marketplace PublicSquare said it intends to reduce its staff by more than 35%, primarily retaining workers who Chief Executive Michael Seifert said are critical to B2B-focused sales and marketing. As of the end of last year the company employed 82 full-time employees, according to its most recent 10-K filing.
Seifert said operating as a headcount-light tech software business will meaningfully lower the company's cash burn.
The West Palm Beach, Fla., company also said it raised $5.4 million through the sale of its common stock to three investors: an affiliate of a company board member, a party related to a board member and executive officer, and an unaffiliated accredited investor.
PSQ has also officially launched its payments platform which should result in higher annualized payments processing gross merchandise value, Seifert said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 28, 2024 14:37 ET (18:37 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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