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Tips for health (NASDAQ:HLTH), once an ambitious COVID-19 testing provider, has informed its employees that it will lay off its entire workforce and cease operations starting Friday, san diego union tribune reported.
Earlier this month, San Diego, Calif.-based Cue (HLTH) as part of a portfolio restructuring to cut approximately half of its workforce, or 230 employees.
Cue (HLTH) is also pushing back the end date for those employees from July to Friday, according to documents filed with California related to the Worker Adjustment and Retraining Notification Act (WARN).
The latest layoffs will affect the remaining 250 employees, including company leadership. Cue’s (HLTH) shutdown comes days after the FDA warned against using the company’s COVID-19 test due to the risk of false results.
Cue (HLTH), which first traded in 2021, has been a darling of Wall Street during the pandemic, with contracts to provide coronavirus testing for major sporting events including the 2021-22 NBA season.
