This is what they told investors:
From Zapata's news release:
MAG Aerospace Partners with Zapata AI to Deliver Next-generation Airborne Surveillance Platform
Zapata Ai has told investors for some time now that, it specializes in developing quantum algorithms and software platforms (Quantum Ai), such as Orquestra, designed to solve complex computational problems across various industries.
In addition to aerospace companies and U.S. government agencies,
Zapata Computing said it has attracted interest from a diverse range of industries, from Government and Aerospace companies.
"BOMBSHELL" NEWS:
Editors Note: We (and all investors) just got slammed by the board at Zapata!
Oct 12 - Zapata dropped a bombshell on investors!
Zapatas board approved the termination of all employees, save for a few who will conduct the winding down operations. The company said its financial obligations are more than the fair market value of its assets.
Further, the company said it didn't expect to initiate bankruptcy proceedings or seek stockholder approval for the cessation of operation.It also said that shareholders will not participate in any of it's assets (Read technology/patents)
This is a blindside attack on shareholders who were led to believe the company was beginning to thrive on the back of recent deals with Government agencies and Mag Aerospace!
No doubt there will be some sort of legal action!
