Richard Branson’s Virgin Orbit has paused all operations and furloughed nearly all its workers for at least a week as it seeks to raise new capital.
According to sources, the company said it would provide employees with an update on the leave and funding situation by Wednesday or Thursday of next week.
Virgin Orbit shares fell more than 30% in extended trading on Wednesday following the news.
- The furlough is unpaid, though employees can cash in PTO.
- In November, Virgin reported about $71.2M in cash in its Q3 earnings.
- In January, the company suffered a failure during its first launch attempt out of the U.K.
