Nikola Corp Says Headcount Cut Expected To Decrease Personnel-Related Cash Spend By More Than $50M Annually; Ongoing Restructuring Of Legacy Romeo Business And Shut Down Of Legacy Cypress Operations
Portfolio Pulse from Benzinga Newsdesk
Nikola Corp announced a headcount reduction that is expected to decrease personnel-related cash spend by over $50 million annually. The company is also restructuring its legacy Romeo business and shutting down legacy Cypress operations.
June 16, 2023 | 8:07 pm
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Nikola Corp's headcount reduction is expected to save over $50 million annually, while restructuring its legacy Romeo business and shutting down legacy Cypress operations.
Nikola Corp's announcement of headcount reduction and restructuring efforts is expected to have a positive short-term impact on its stock price. The cost savings of over $50 million annually will improve the company's financial position and potentially attract investors.
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