AYRO restructures, cuts substantial positions in sales, marketing, and manufacturing

Fabric.AI, Inc.

Restructuring effective Jan 31, 2024 eliminates a substantial number of positions.
Company re-evaluates sales, marketing and manufacturing for greater efficiency.
Management remains focused on development and commercialization of AYRO Vanish LSV.
As of Sep 30, 2023, cash, cash equivalents and marketable securities totaled $47.9M.
Restructuring expected to significantly reduce burn rate and enhance cost effectiveness.

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