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5 Companies That Had A Rough Week
Tintri Reportedly Running Out Of Cash, Lays Off Much Of Its Staff
Storage array tech developer Tintri has reportedly laid off up to 200 of its workers -- about 80 percent of its staff -- and is close to running out of cash, according to a report on The Register website.
A story on the ComputerWekly website said Tintri, with its cash burn rate, could be looking at a bankruptcy filing as soon as July.
In a statement issued June 15, the company said it was "currently in breach of certain covenants under its credit facilities and likely does not have sufficient liquidity to continue its operations beyond June 30, 2018."
Tintri's stock, which hit $6.55 a share on March 9, has steadily fallen, hitting 14 cents per share at the close of trading Thursday.