DocuSign Inc . (NASDAQ:DOCU) shares are falling Tuesday after the company announced a restructuring plan that will see the company reduce its current workforce by approximately 6%.
Reports on Monday stated that the company's rumored potential sale had stalled, with private equity firms Bain Capital and Hellman & Friedman having cooled their pursuit of the company.
Those reports seemed to have been confirmed with the e-software signature company stating the restructuring plan would provide "the foundation to realize its multi-year growth aspirations as an independent public company."
The majority of impacted positions will be in the company's sales and marketing divisions. DOCU estimates it will incur approximately $28 million to $32 million in non-recurring restructuring charges, with the majority incurred in the first quarter of fiscal 2025.
The restructuring plan is expected to be completed by the end of the second quarter. DOCU said it expects to meet or exceed its Q4 and FY 2024 financial guidance.