NASDAQ-listed Freightos, the Israeli box booking platform, is letting go of around 50 staff, some 13% of its workforce, in a bid to break even in challenging economic conditions.
Zvi Schreiber, CEO of Freightos, commented “Given the persistently weak market conditions, we are refining our priorities to deliver on our plan to reach profitability with the capital already raised.”
The news comes some six months after Freightos debuted on the NASDAQ and about a year since box rates started to nosedive.
Freightos stock price dropped 4.6% on Tuesday to $3.73 and is down about 64% since its initial public offering in January.
