BioSig Technologies Inc (BSGM) has released an update to notify the public and investors about termination and asset disposition expenses.
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BioSig Technologies, Inc. initiated a workforce reduction on January 28, 2024, which was completed by January 31, reducing its annual cash burn by approximately 50%. The reduction resulted in the departure of sixteen employees, including the COO, John Sieckhaus, and CCO, Gray Fleming, who will both continue as consultants. The company expects to incur around $919,249 in total costs for the reduction, including consulting services, severance packages, and retention bonuses, all paid in equity, with the possibility of additional unforeseen expenses.
For further insights into BSGM financials, check out TipRanks’ Financials page.
For a comprehensive understanding of the announcement, you can read the full document here.
