Virgin Orbit to Resume Operations as Funding Search Continues
Virgin Orbit said it would begin an incremental resumption of operations Thursday.
Photo:
James Beck/Bloomberg News
Virgin Orbit Holdings Inc.
VORB 53.20%
said it is beginning to bring back staff and resume work on preparing for its next satellite launch after halting operations last week to conserve cash as it searches for more funding.
The satellite company, backed by billionaire
Richard Branson,
said it doesn’t intend to provide updates on its discussions to raise more funding unless and until its board approves a specific deal.
Virgin Orbit said it would begin an incremental resumption of operations on Thursday. The operational pause—which began March 16—for the rest of its workforce is expected to continue through March 26, and Virgin Orbit is planning a further resumption of operations March 27.
Shares of Virgin Orbit jumped about 46% shortly after the opening bell Wednesday.
The Wall Street Journal previously reported that Virgin Orbit was in talks with financial institutions to secure a bailout as it investigates what went wrong with its high-profile launch from Cornwall, England.
Write to Will Feuer at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Virgin Orbit said it would begin an incremental resumption of operations Thursday.
Photo:
James Beck/Bloomberg News
Virgin Orbit Holdings Inc.
VORB 53.20%
said it is beginning to bring back staff and resume work on preparing for its next satellite launch after halting operations last week to conserve cash as it searches for more funding.
The satellite company, backed by billionaire
Richard Branson,
said it doesn’t intend to provide updates on its discussions to raise more funding unless and until its board approves a specific deal.
Virgin Orbit said it would begin an incremental resumption of operations on Thursday. The operational pause—which began March 16—for the rest of its workforce is expected to continue through March 26, and Virgin Orbit is planning a further resumption of operations March 27.
Shares of Virgin Orbit jumped about 46% shortly after the opening bell Wednesday.
The Wall Street Journal previously reported that Virgin Orbit was in talks with financial institutions to secure a bailout as it investigates what went wrong with its high-profile launch from Cornwall, England.
Write to Will Feuer at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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