Branson’s Virgin Orbit explores options as cash woes force operational halt

(Reuters) – Virgin Orbit, Richard Branson’s satellite launch company, said it was looking at strategic opportunities and was in discussions for funding. This was after a cash crunch that forced Virgin Orbit to suspend operations on Thursday.

The company expects that the operational halt will continue until March and shares of the company tumbled nearly 45%. 21 fell nearly 45% during premarket trading

According to Reuters, Virgin Orbit also has furloughed almost all its employees. This was confirmed by a source who spoke with Reuters on Wednesday.

According to a source who was present at the meeting, Chief Executive Dan Hart stated that the furlough was meant to give the company the time it needed to develop a new investment plan. This would help the company pull out of financial difficulties.

Virgin Orbit’s rocket LauncherOne, a Virgin Orbit rocket, experienced an anomaly while it was flying through space in January. It shattered Britain’s hopes that it would be the first European nation ever to place satellites in orbit.

The financial difficulties of the company were further exacerbated by the failure to complete its mission.

As of September 30, 2022, the company reported cash and cash equivalents in excess of $71.2million.

(Reporting done in Bengaluru by Chavi Mehta; Editing by Saumyadeb Chakrabarty & Shinjiniganguli).

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