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Cyren (NASDAQ:CYRN), a provider of inbox security and threat detection solutions, today announced that, in response to current market conditions and associated challenges with raising additional capital, the Company approved a plan to reduce its workforce by approximately 121 employees, representing substantially all of the Company's workforce.
In the absence of additional sources of liquidity, management anticipates that the Company's existing cash and projected cash flows from operations will not be sufficient to meet the Company's working capital needs in the near term. The Company continues to assess all of its strategic options, including potential asset monetization or liquidation. In the event that the Company determines that its liquidity will not allow it to meet its obligations as they become due or that additional sources of liquidity will not be available, the Company may need to pursue options available under applicable insolvency laws, including winding up its operations.
Posted In: CYRN
