StretchSense, a New Zealand-based wearable sensor manufacturer spun out from University of Auckland, has let go 140 staff after e-commerce firm StartToday terminated an acquisition deal, the New Zealand Herald reported yesterday.
StartToday, which owns a 39.9% stake in StretchSense, paid $20m in November 2017 for an option to wholly acquire the spinout at a valuation of $120m. The agreement was valid until the end of September 2018.
However, the e-commerce portal called the deal off on April 27…
