Virgin Orbit To Cease Operations, Lay Off 90% After Funding Failure

Virgin Orbit has informed its employees that the company will be ceasing operations "for the foreseeable future".

During an all-hands meeting on Thursday, CEO Dan Hart informed Virgin Orbit employees that the company will be halting its operations due to the inability to secure a funding lifeline. He shared that they were unable to obtain the necessary funding to establish a clear direction for the company and as a result, around 90% of the workforce will be laid off.

Virgin Orbit stock dropped 16% during Thursday, March 30th trading hours but crashed over 50% to 16 cents during after hours as news of this story broke.

This is a developing story and will be updates as more details become available.