Spruce Power plans to lay off 19% of workforce; shares fall

** Shares of solar energy company Spruce Power SPRU.N falls 5.3% to $1.61 in extended trade

** SPRU plans to implement a reduction in workforce as part of broader efforts to streamline operations

** Company plans to cut 40 jobs, representing about 19% of its workforce

** Expects annualized cost savings of about $20 million — when fully implemented

** SPRU expects to recognize majority of restructuring charges in Q3

** As of last close, shares down 42.76% YTD