Extend Cuts 10% of Staff After Share Price Plunge

In depth

Israeli drone company Extend is laying off about 10% of its employees, roughly two months after starting to trade on the New York Stock Exchange at a valuation of $1.5 billion. According to Calcalist, the company explains that the layoffs are meant to streamline its cost structure and focus resources, after winning a contract worth $40.5 million under the US drone program. According to Bizportal, senior management will cut 15% of salaries and the operations VP has left. According to TheMarker, Extend declined to say how many employees will be laid off.