The company said that it was cutting 675 jobs, or about 85% of its workforce, after it failed to secure additional funding.
Virgin Orbit Holdings Inc., the satellite-launch company tied to British billionaire Richard Branson, is ceasing operations indefinitely, succumbing to growing cash-crunch pressures that have paralyzed startups in many emerging technologies.
from CNBC. The remaining 15% of employees will work on winding down the business, the spokesperson said.in January and a collapse in its stock price.operations earlier this month while it sought additional capital. The Long Beach, California-based company is one of several space-related startups with once high-flying valuations that have seen their shares plunge as investors shy away from untested business models and money-losing operations.
Those discussions for a possible transaction don’t include Matthew Brown, a little-known Texas-based venture capital investor who had said he was interested in a deal earlier this month, said the person, who asked not to be identified revealing private conversations. Virgin Orbit’s business centred on launching small satellites into orbit, distinct from Virgin Galactic’s focus on sending humans to the edge of space and back.
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