Richard Branson's Virgin Orbit Holdings in a U.S. regulatory filing on Monday said there is 'substantial doubt' its cash position will allow it to continue operating for at least the next 12 months.
The Virgin Orbit building is seen in Long Beach, California, U.S., March 22, 2023. REUTERS/Mike Blakein a U.S. regulatory filing on Monday said there is "substantial doubt" its cash position will allow it to continue operating for at least the next 12 months.
Virgin Orbit's statement came in a notice explaining why it had yet to file its annual 2022 report. It attributed the delay to "potential fundraising transactions" and limited resources and staff amid an "operational pause and workforce reduction." Unable to secure new funds, Virgin Orbit on Thursday moved to lay off roughly 85% of its workforce, or about 675 employees.
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