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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 \u201csustainable profitability and long-term growth,\u201d the company said<\/a> in a statement.<\/p>\n Per LinkedIn, Getaround has 421 employees, so the staff cuts should affect around 42 employees. Getaround did not respond in time to TechCrunch to confirm the number of laid-off employees, nor which teams will be most affected.<\/p>\n The news comes a day after Getaround received a delisting warning<\/a> from the New York Stock Exchange because its stock price has been trading too low. Following the company\u2019s 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.<\/p>\n Getaround, which joined the public markets<\/a> 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\u2019s contract workforce and outside professional services.<\/p>\n Like almost every other executive over the past year who has ordered layoffs, Sam Zaid, Getaround\u2019s CEO, said the restructuring plan is a response to \u201can uncertain near-term macroeconomic outlook, which has hit technology companies particularly hard.\u201d<\/p>\n Getaround expects the restructuring to result in cost savings of between $25 million and $30 million on an annualized run-rate basis.<\/p>\n It\u2019s not yet clear how the company\u2019s decision to go public through a SPAC merger has affected its balance sheets. The deal was finalized in the fourth quarter of 2022, and Getaround has yet to set a date for its earnings release. Regulatory filings show Getaround\u2019s cash burn in the first nine months of 2022 was $63.2 million. The company reported $45 million in revenue for the same period, which is a decrease from $48 million the year prior. By the end of Q3, Getaround had $27.2 million in cash to play around with.<\/p>\n The merger would have brought the company another $228 million of gross proceeds<\/a> to stay in operation and achieve its next phase of growth.<\/p>\n<\/p><\/div>\n