Shares of Virgin Orbit Holdings (NASDAQ: VORB) hit new yearly lows in pre-market trading in pre-market trading on Friday as CEO Dan Hart told employees in an all-hands-on meeting on Thursday afternoon that the satellite launch systems company backed by Richard Branson will stop all operations “for the foreseeable future” and will lay off nearly all its employees.
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Hart commented, “Unfortunately, we’ve not been able to secure the funding to provide a clear path for this company.” VORB will lay off around 90% of its workforce and will “provide a severance package for every departing” employee.
VORB stock has plunged by more than 80% over the past three months.