Socket Mobile, which reported June 30 to its lender, Silicon Valley Bank, that it was out of compliance for a second month in a row with covenants of its loan, announced today the second amendment to the agreement since it was first drawn up Dec. 31.
The most recent changes included an agreement by the bank to Read the rest of this entry »
Socket Mobile reported Thursday that it “effected a reduction of force” of 10 full-time employees and one part-timer last week, or about 12 percent of its staff. The move was made in order to, (sing along if you know the tune) “align its cost structure with current economic conditions in light of slowing business spending due to the current economic downturn.”
The Newark based company, which makes systems designed to help businesses go mobile, made the cuts Dec. 12. The filing Thursday followed by a day news that the company has a new major investor, Leviticus Partners of New York City which reported having obtained a 5.3 percent stake in the company.
Subscribe via RSS all feeds - Tech feed - O'Brien feed - Docu-Drama feed - Pink Slip 2.0 feed
