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San Francisco tech firm gets rid of nearly all employees, cuts CEO salary by half
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Leroy N. Soetoro
Jul 31, 2023, 6:25:33 PM7/31/23
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https://www.msn.com/en-us/money/companies/san-francisco-tech-firm-gets-
rid-of-nearly-all-employees-cuts-ceo-salary-by-half/ar-
AA1e22Cv?ocid=hpmsn&cvid=0bdfd17ea3474656839ef04474207708&ei=30
A San Francisco tech company that went public less than a year ago has
sacked nearly all its employees.
Tempo Automation, a manufacturing startup specializing in circuit boards
founded in 2013, issued a pink slip to 62 of its employees Friday —
leaving a mere seven employees, including CEO Joy Weiss, behind, according
to an SEC filing from Monday. The company’s chief financial officer, Ryan
Benton, also tendered his resignation on Friday in addition to the company
layoffs.
As part of the corporate restructuring, Weiss and Ralph Richart, Tempo
Automation’s chief technology and manufacturing officer, will cut their
base salaries by 50% “for the foreseeable future.” According to company
filings, Weiss made a base salary of $340,385 — with bonuses and stock
awards adding up to $2.83 million — while Richart made a base salary of
$342,583.
The layoffs and executive salary cuts come as a way of reducing corporate
overhead, as the company has “experienced negative cash flows since
inception that raise substantial doubt” about its operability, according
to the Monday filing. The company’s revenue in the first quarter of 2023
was $2.8 million, while its net loss was $7.4 million.
Like other tech companies who partook in a recent craze to become a
special-purpose acquisition company, or SPAC, Tempo Automation went public
in November through a SPAC deal with South Korean firm Ace Convergence
Equity Partners, worth around $100 million. And, similar to other SPACs,
Tempo Automation’s stock plummeted shortly thereafter, going from a high
of around $15 a share in mid-November of last year to $1 by the start of
2023. As of Tuesday, the stock was selling at around 31 cents a share.
The firm plans to hunt for “alternative sources of capital and means of
reducing expenses” in order to stay afloat. But the filing’s final lines
could cause concern among shareholders: “However, there is no guarantee
that the Company will be able to raise additional capital, or that the
plan of termination and related workface reduction will be sufficient to
permit the Company to continue operations.”
Hear of anything going on at Tempo Automation or another San Francisco
tech company? Contact SFGATE tech editor Joshua Bote securely on Signal at
707-742-3756 or email him at joshu...@sfgate.com.
--
We live in a time where intelligent people are being silenced so that
stupid people won't be offended.
Durham Report: The FBI has an integrity problem. It has none.
No collusion - Special Counsel Robert Swan Mueller III, March 2019.
Officially made Nancy Pelosi a two-time impeachment loser.
Thank you for cleaning up the disaster of the 2008-2017 Obama / Biden
fiasco, President Trump.
Under Barack Obama's leadership, the United States of America became the
The World According To Garp. Obama sold out heterosexuals for Hollywood
queer liberal democrat donors.
President Trump boosted the economy, reduced illegal invasions, appointed
dozens of judges and three SCOTUS justices.
rid-of-nearly-all-employees-cuts-ceo-salary-by-half/ar-
AA1e22Cv?ocid=hpmsn&cvid=0bdfd17ea3474656839ef04474207708&ei=30
A San Francisco tech company that went public less than a year ago has
sacked nearly all its employees.
Tempo Automation, a manufacturing startup specializing in circuit boards
founded in 2013, issued a pink slip to 62 of its employees Friday —
leaving a mere seven employees, including CEO Joy Weiss, behind, according
to an SEC filing from Monday. The company’s chief financial officer, Ryan
Benton, also tendered his resignation on Friday in addition to the company
layoffs.
As part of the corporate restructuring, Weiss and Ralph Richart, Tempo
Automation’s chief technology and manufacturing officer, will cut their
base salaries by 50% “for the foreseeable future.” According to company
filings, Weiss made a base salary of $340,385 — with bonuses and stock
awards adding up to $2.83 million — while Richart made a base salary of
$342,583.
The layoffs and executive salary cuts come as a way of reducing corporate
overhead, as the company has “experienced negative cash flows since
inception that raise substantial doubt” about its operability, according
to the Monday filing. The company’s revenue in the first quarter of 2023
was $2.8 million, while its net loss was $7.4 million.
Like other tech companies who partook in a recent craze to become a
special-purpose acquisition company, or SPAC, Tempo Automation went public
in November through a SPAC deal with South Korean firm Ace Convergence
Equity Partners, worth around $100 million. And, similar to other SPACs,
Tempo Automation’s stock plummeted shortly thereafter, going from a high
of around $15 a share in mid-November of last year to $1 by the start of
2023. As of Tuesday, the stock was selling at around 31 cents a share.
The firm plans to hunt for “alternative sources of capital and means of
reducing expenses” in order to stay afloat. But the filing’s final lines
could cause concern among shareholders: “However, there is no guarantee
that the Company will be able to raise additional capital, or that the
plan of termination and related workface reduction will be sufficient to
permit the Company to continue operations.”
Hear of anything going on at Tempo Automation or another San Francisco
tech company? Contact SFGATE tech editor Joshua Bote securely on Signal at
707-742-3756 or email him at joshu...@sfgate.com.
--
We live in a time where intelligent people are being silenced so that
stupid people won't be offended.
Durham Report: The FBI has an integrity problem. It has none.
No collusion - Special Counsel Robert Swan Mueller III, March 2019.
Officially made Nancy Pelosi a two-time impeachment loser.
Thank you for cleaning up the disaster of the 2008-2017 Obama / Biden
fiasco, President Trump.
Under Barack Obama's leadership, the United States of America became the
The World According To Garp. Obama sold out heterosexuals for Hollywood
queer liberal democrat donors.
President Trump boosted the economy, reduced illegal invasions, appointed
dozens of judges and three SCOTUS justices.
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