VORB - Virgin Orbit in red on extending employee furlough amid funding talks underway

2023-03-28 06:00:32 ET

• Pressurized under financial issues, Virgin Orbit ( NASDAQ: VORB ) went into operational pause and its 750 employees were put in an unpaid leave.
• It was also known that the company is in talks with potential new investors since then, but is yet to finalize any deal.
• Currently, published reports indicate that CEO Dan Hart has told employees via email that the company will extend unpaid furlough for majority of its workforce.
• "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," Hart added.
• Also, Virgin Orbit's late-stage discussions with Texas-based investor Matthew Brown broke down and was officially called off late last week.
• Last week, the company recalled some employees from furlough to restart work on rocket upgrades; exact number of employees due to be recalled is unclear.
• Shares trading 12.4% down premarket.

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