Branson’s Virgin Orbit to pause operations, shares tumble

Richard Branson’s Virgin Orbit said it will pause all operations from Thursday, and was conducting discussions with potential funding sources and exploring strategic opportunities, sending its shares down nearly 45% in premarket trading.
The satellite launch company was also furloughing nearly all of its employees, a source familiar with the matter told Reuters on Wednesday.
Chief Executive Dan Hart told staff in a meeting that the furlough was intended to buy Virgin Orbit time to finalize a new investment plan to help pull the company out of its financial woes, according to the source, who attended the meeting.
The company reported cash and cash equivalents of $71.2 million as of Sept. 30, 2022.