Phunware, an Austin app development company that recently went public, says it plans to layoff 23 people, according to a federal filing posted Friday afternoon.
That's 15 percent of its staff, which is based in offices in North Austin near Anderson and MoPac.
It's part of a move to accommodate "organizational restructuring and cost reductions to align its subscriptions and application transactions business," the SEC filing says.
The company plans to spend about $124,000 on severance packages and payroll taxes. Meanwhile, it said that it will save about $2.8 million in annualized pre-tax dollars.
The announcement follows a roller coaster on the market. The Motley Fool reported that Phunware's stock climbed 70 percent higher on Thursday and continued increasing Friday. That stemmed from news that Phunware was granted a patent for new tech that tracks mobile devices based on the strength of Wi-Fi and Bluetooth signals.
Phunware initially filed to go public a little more than a year ago. It hit the markets in December 2018.
In late March, it reported its net revenues were up 16 percent year-over-year to $30.9 million.
