Juul Labs has narrowly avoided insolvency thanks to its two major shareholders - Nick Pritzker and Riaz Valani - who provided the company with the cash it needs to stay afloat. However, further action will be required to keep the company alive. Juul is expected to shrink its workforce by 30%, implying a reduction of about 400 employees. Furthermore, it will need to cut its operating expenses by about 40%. Although Juul is a private company, Altria (NYSE: MO) is a major shareholder of the company.
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