BAKERSFIELD, Calif. (KGET) — Bitwise Industries on Saturday announced the firing of co-CEOs Jake Soberal and Irma L. Olguin Jr. and the launch of an investigation into the events leading the company to furlough its entire 900-employee workforce, including at its Bakersfield location.

Ollen Douglass has been named interim president and will oversee the investigation.

“It was an incredibly difficult decision to suspend operations at Bitwise Industries and furlough the hardworking team members,” Douglass said in a news release. “The Board of Directors was recently made aware of the company’s cash deficit by management and took immediate action as a result. The Board of Directors is taking this matter very seriously. We are committed to determining the root cause and will continue to take swift action.”

The furloughs at the tech incubator/workspace-sharing company were announced May 29.