Virgin Orbit unable to secure funding, to cease operations, lay off 85% of staff

In an 8-K filing, the company states: "On March 30, 2023, the Company announced a workforce reduction of approximately 675 employees, constituting approximately 85% of the Company’s workforce in order to reduce expenses in light of the Company’s inability to secure meaningful funding. Those impacted are located in all areas of the Company. The Company estimates that it will incur aggregate charges of approximately $15 million, consisting primarily of (i) $8.8 million in severance payments and employee benefits costs, and (ii) $ 6.5 million in other costs primarily related to outplacement services and WARN Act exposure. The Company expects to recognize the majority of these charges in the first quarter of 2023. The Company expects that the reduction in force will be substantially complete by April 3, 2023."