Shares of Virgin Orbit Holdings (NASDAQ: VORB) continued to plunge by more than 15% in pre-market trading on Tuesday as the satellite launch systems company’s woes continued as it extended its pause in operations after the company’s funding talks with venture capital investor Matthew Brown collapsed over the weekend.
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VORB’s CEO Dan Hart wrote in an email to employees, “Our investment discussions have been very dynamic over the past few days, they are ongoing, and not yet at a stage where we can provide a fulsome update.”
The company has furloughed almost all of its employees and has paused its operations.
VORB stock has plunged by more than 90% in the past year.
