Rocket maker Virgin Orbit Holdings on Thursday said it was laying off about 85% of staff because it had not been able to raise new investment.
The Virgin Orbit building is seen after the company paused operations last week, in Long Beach, California, U.S., March 22, 2023. REUTERS/Mike Blakeon Thursday said it was laying off about 85% of staff because it had not been able to raise new investment.Shares of the company fell 38% in after hours trade.
About 675 employees will lose their jobs, and the company expects to take related charges of about $15 million, Virgin Orbit said in a regulatory filing.Virgin Orbit went public in 2021 through a blank-check deal, where it raised $255 million less than expected. In addition to the recent failure to raise funds, the January failure of a rocket launch increased pressure on the company.
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