Shares of workplace software manufacturer, Livetiles (ASX:LVT), slumped 22.2% to a record low of A$0.007.

The company is implementing restructuring and cost-reduction initiatives to reach breakeven cash flow in H2, FY24.

The initiatives include the departure of the CEO, along with 48 full-time employees and fixed-term contractors being laid off.

This restructuring could potentially save A$16.2 million in annual costs and an additional A$8.4 million in FY24.

Despite the drastic measures, the shares remained down around 22%, marking the worst day for the company since May 3 of this year.

The stock had already seen a substantial fall of approximately 69% this year, prior to the last closing price.

Livetiles (ASX:LVT) is a workplace software maker striving for financial stability through cost-cutting strategies.