Virgin Orbit Shares Pummeled 44% after Pausing Operations and Reportedly Furloughs Staff

The Telegraph2023-03-16

Virgin Orbit, the Richard Branson-founded satellite launch firm has paused operations and furloughed staff while it attempts to secure more funding, according to a report.Virgin Orbit shares pummeled ...

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Comments

Wallstrtbets
2023-03-16
Wallstrtbets
End of the road.
Limhockmeng
2023-03-16
Limhockmeng
Wow

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Nearly all Virgin Orbit staff were furloughed for the week, with limited staff remaining.Chief Executive Dan Hart told staff in a meeting that the furlough was intended to buy Virgin Orbit time to finalise a new investment plan to help pull the company out of its financial woes, Reuters reported.A spokesperson for Virgin Orbit, the sibling company of Mr Branson's space tourism venture Virgin Galactic, confirmed the operations pause in a statement, but did not comment on the furloughs.“Virgin Orbit is initiating a company-wide operational pause, effective March 16, 2023, and anticipates providing an update on go-forward operations in the coming weeks,” the spokesperson said.Shares of the company fell as much as 52pc in after-market trading in New York on Wednesday evening after its announcement halting operations.CNBC reported on the disruptions earlier on Wednesday.A spectator at Virgin Orbit's failed launch in January - REUTERSVirgin Orbit had been running low on cash. 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