Virgin Orbit Holdings Inc.’s VORB stock plunged 28.9% Thursday after the satellite launch company announced an “operational pause.” In a filing with the Securities and Exchange Commission, Virgin Orbit announced the operational pause beginning Thursday “in order to conserve capital while the company conducts discussions with potential funding sources and explores strategic opportunities.” There can be no assurance that these discussions will result in any transaction, the company added. Virgin Orbit expects the operational pause to continue through March 21, it said. In January Virgin Orbit attempted to make history with the first orbital space launch from British soil, but its rocket carrying nine satellites suffered an “anomaly” and failed to reach orbit.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
