Peer-to-peer car-sharing company Getaround is laying off 10% of staff starting Thursday. The layoffs are part of a restructure aimed to put Getaround on the path to “sustainable profitability and long-term growth,” the company said in a statement.
Per LinkedIn, Getaround has 421 employees, so the staff cuts should affect around 42 employees. Getaround would not confirm the exact number, but a spokesperson for the company told TechCrunch the layoffs exclusively affect North American teams across all departments.
The news comes a day after Getaround received a delisting warning from the New York Stock Exchange because its stock price has been trading too low. Following the company’s announcement, shares of Getaround spiked 17% after hours from $0.64 at market close to $0.75, but have since settled to around $0.65, which is still a 2.19% increase today.
Getaround, which joined the public markets in December via a merger with InterPrivate II Acquisition Corp., a special purpose acquisition company (SPAC), said it would also significantly reduce other operating expenses like the company’s c …
