- Virgin Orbit Holdings Inc VORB, said it is halting all its operations from March 16, 2023.
- The company also conducts discussions with potential funding sources and explores strategic opportunities.
- The company currently expects the operational pause to continue through March 21, 2023.
- Richard Branson’s satellite launch company is furloughing nearly all its employees, reported Reuters.
- Chief Executive Officer Dan Hart told staff that the furlough was to buy time to arrive at an investment plan to bring Virgin Orbit out of its financial crisis.
- Recent mission failure to deploy nine small satellites into lower Earth orbit (LEO) from southwest England deepened the company’s financial woes.
- Virgin Orbit said last month it is investigating the failure of its mission.
- “On the ops side, our investigation is nearly complete and our next production rocket with the needed modification incorporated is in final stages of integration and test,” the report quoted the company.
- Price Action: VORB shares are trading lower by 43.1% at $0.5747 in premarket on the last check Thursday.
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