Virgin Orbit has been talking with potential investors to raise fresh capital and avoid bankruptcy.
The space company paused operations last week and furloughed most of its workers while it seeks new investment or a potential buyout.
According to sources, Virgin’s leadership team held daily talks with interested parties throughout the weekend.
- CEO Dan Hart told employees during an all-hands meeting last week that the company hoped to have an update for employees by Wednesday.
- According to sources, a potential buyer balked at a proposed sale price of about $200M, just below Virgin’s Friday market cap.
- Virgin stock fell more than 19% on Monday, closing at 52 cents a share.
- The company is down ~71% YTD.
- The company is preparing for a possible bankruptcy filing as early as this week.
