Shares of Virgin Orbit Holdings (NASDAQ: VORB) hit new yearly lows in pre-market trading in pre-market trading on Friday as CEO Dan Hart told employees in an all-hands-on meeting on Thursday afternoon that the satellite launch systems company backed by Richard Branson will stop all operations “for the foreseeable future” and will lay off nearly all its employees.
Hart commented, “Unfortunately, we’ve not been able to secure the funding to provide a clear path for this company.” VORB will lay off around 90% of its workforce and will “provide a severance package for every departing” employee.
VORB stock has plunged by more than 80% over the past three months.
