> I don't think that they can cut 75% at once, just the severance payment will be huge and they may not have the money for that.

What if the plan is just to scare away as many current employees as possible now, before the deal is completed, thereby minimizing layoffs?

I know a lot of engineers who have already left, but the prospect of a 75% cut may inspire more.

Heading into a possible/probable recession, it may be wise to secure one's next job immediately rather than waiting for the axe to fall.