Richard Branson’s satellite launch company Virgin Orbit paused operations due to a cash crunch. Virgin Orbit, which has furloughed nearly all its employees, said the operational halt is expected to continue until March 21 $VORB
said on Thursday that it was exploring strategic options and was in talks for funding after a cash crunch forced the satellite launch company to pause operations.The company has furloughed nearly all its employees, a move aimed at helping it buy more time to finalize a new investment plan, Reuters reported on Wednesday,Shares of Virgin Orbit fell 31% in morning trading on Thursday, pulling the company's market capitalization down to about $230 million.
as they struggle with rocket launches in a highly competitive market. Rocket Lab shares tumbled about 70% last year. The company also booked a loss of nearly $44 million for the third quarter ended Sept. 30. It had cash reserves of about $71 million at the time, a sharp drop from $122.1 million as of June-end. Virgin Orbit has not announced a date for its fourth-quarter results.
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