09:13 AM EST, 12/19/2024 (MT Newswires) -- ProStar Holdings ( MAPPF ) , a precision mapping solutions service whose stock jump 18% from near 52 week lows on Wednesday, said it took additional measures to further streamline operations.

The operational savings primarily related to R&D, investor relations, and long-term leases, will reduce operating expenses by more than $1.3 million, or about a 27%, year-over-year, the company said.

ProStar's ( MAPPF ) said going forward, its focus and primary allocation of resources will be on sales and marketing, product enhancements, and customer support for its PointMan solution.

The company also amended its employee long-term incentive plan to reduce the number of shares available for issue from about 29 million to 18.7 million, or 12% of the outstanding shares. The company added that it currently has 13.1 million stock options outstanding.

Shares of the company closed up $0.015 to $0.10 on Wednesday on the TSX Venture Exchange.