Share price of Virgin Orbit (VORB.US), a space tourism company of British billionaire Richard Branson, is slumping in US pre-market trading today. Stock is down around 50% at press time, following a 16% drop during a cash trading session yesterday. Company announced yesterday after the close of the Wall Street session that it will cease operations as it was unable to secure meaningful funding. Virgin Orbit said that it will lay off around 85% of its workforce in an attempt to cut expenses.
While the company has already ceased operations in mid-March in order to secure more funding, yesterday's announcement shows that the attempt failed and it looks like it won't be a temporary measure. Virgin Orbit's stock dropped over-80% year-to-date as the future of the company was put under question after a failed rocket launch back in January 2023.
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Virgin Orbit (VORB.US) is trading around 50% lower in premarket today and is set to open at the lowest level on record. Company announced that it will cease operations amid lack of funding. Source: xStation5
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