The operational halt is expected to continue until March 21, said Virgin Orbit, which has furloughed nearly all its employees, a source said on Wednesday
Billionaire Richard Branson’s Virgin Orbit said it was exploring strategic opportunities and was in talks for potential funding after a cash crunch forced the satellite launch company to pause operations starting Thursday., which has furloughed nearly all its employees, a source familiar with the matter said on Wednesday.
Shares sank 45 per cent in premarket trading on Thursday, leaving Virgin Orbit with a market capitalization of just around $200-million. That’s a far cry from the more than $3-billion valuation the company fetched in 2021 when it went public through a blank-check deal. Virgin Orbit in November cut its target for mission launches in 2022. Its rocket LauncherOne in January failed a mission to deploy nine small satellites into lower Earth orbit due to an anomaly during its flight through space.
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