Virgin Orbit Furloughs Staff, Halts Operations While It Seeks Funding
- Launch firm conserving cash, exploring strategic opportunities
- Employees to be furloughed as work stopped through March 21
Shares of the company fell as much as 52% to 49 cents in postmarket trading in New York late Wednesday after its announcement halting operations.
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Virgin Orbit Holdings Inc. shares tumbled after the Richard Branson-founded satellite launch firm said it would halt operations while attempting to secure more funding.
The company wants to conserve capital while it “conducts discussions with potential funding sources and explores strategic opportunities,” according to a regulatory filing Thursday. The operational pause is expected to continue through March 21.