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."
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on VORB:
- VORB Plunges to New Lows after Failing to Secure Funding, Stops Operations
- Virgin Orbit options imply 12.8% move in share price post-earnings
- SpaceX in Spotlight as Competition Heats Up
- Virgin Orbit Plunges as Funding Woes Continue
- Virgin Orbit plans to extend employee furlough, Reuters reports
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue