In a regulatory filing, Zapata AI disclosed that on October 7, the board of the company approved the termination of all of the company’s employees, except for a small number of employees to be retained for a short period to administer termination of business activities, including Sumit Kapur, the company’s CFO. All such employees were terminated effective October 9. Such actions took place in connection with a planned cessation of the company’s operations. The company cannot currently estimate the charges it will incur under generally accepted accounting principles as a result of the termination of its employees.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ZPTA:
- Zapata Computing Holdings Inc trading halted, news pending
- Zapata AI partners with MAG Aerospace for airborne surveillance platform
- Zapata AI files to sell 13M shares of common stock for holders
- Zapata AI reports Q2 EPS (48c) vs. ($1.01) last year
- Zapata AI enters CRADA with U.S. Special Operations Command