Shares of Virgin Orbit Holdings (NASDAQ: VORB) soared by more than 50% in pre-market trading on Wednesday after a Reuters report that the cash-strapped satellite launch systems company could receive a $200 million investment from venture capital investor Matthew Brown through a private share placement.
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Meanwhile, even as the company scrambles for a funding lifeline, according to another CNBC report, the company could be assembling a “small” team to work on Thursday and is preparing for its next rocket launch.
According to the report, Virgin Orbit’s CEO Dan Hart stated, “Any viable path for our operations will require us to successfully launch.” The CEO described this as the ““first step” in an “incremental resumption of operations.”
The company has furloughed almost all of its employees and has paused its operations “through at least Monday. “
In the past five trading sessions alone, VORB stock has tanked by more than 30%.