US-based fixed wireless access (FWA) service provider Starry Internet reduced its headcount by a further 100 employees, roughly 24 per cent of its remaining workforce after it cut half its staff in October 2022 due to a funding shortfall.
It issued a filing to the US Securities and Exchange Commission yesterday (18 January) explaining the latest job losses will take effect on 23 January and will shed around $12 million from its operating expenses related to salaries and benefits over the next 12 months.
“The decision was based on cost-reduction initiatives intended to reduce operating expenses and allow the company to focus on serving its existing core markets and customers,” Starry Internet stated.
Starry Internet expects a one-time cash charge of approximately $800,000 related to the job cuts, most of which will be incurred in the current quarter.
Earlier this week, Starry Internet told the SEC an agreement to raise as much as $100 million in a deal with Cantor Fitzgerald had been terminated.
Starry Internet became publicly-traded on the New York Stock Exchange in March 2022 after completing a merger with special purpose acquisition company FirstMark Horizon Acquisition, but was delisted on 14 December 2022.