A cybersecurity company founded by former Pentagon brass said in a regulatory filing that it would furlough most of its workers and explore options including bankruptcy reorganization or liquidation, the Wall Street Journal reported. IronNet, co-founded in 2014 by former National Security Agency director and retired Army Gen. Keith Alexander and other former intelligence and defense officials, announced the layoffs and the possibility of bankruptcy in an 8-K filing Tuesday to the Securities and Exchange Commission, also saying it would “substantially curtail” its operations. IronNet, which didn’t respond to a request for comment, said the furlough would last until its financial position improved enough for it to rehire a “portion” of affected employees and restart its operations. It has retained several employees to guard against service interruptions, it said. “In the absence of additional sources of liquidity, the Company’s existing cash and cash equivalents and anticipated cash flows from operations are not sufficient to meet the Company’s operating and liquidity needs,” IronNet said in its filing. The company posted losses in its last two fiscal years, $111 million for the year ended in January, and $242.6 million the previous year.
