VORBW - Virgin Orbit plans to restart more operations by next week

2023-03-22 12:15:28 ET

Virgin Orbit ( NASDAQ: VORB ) is recalling some employees from furlough to restart work on rocket upgrades by next week, according to new company filings.

Workers had previously been furloughed due to a lack of funding for operations. Earlier in the week, the company signaled a tentative restart of some operations.

“On March 21, 2023, the Company announced that it will initiate an incremental resumption of its operations beginning on Thursday, March 23, 2023, to work on preparations for its next mission,” an SEC filing released on Wednesday read. “The operational pause for the remainder of its workforce is expected to continue through March 26, 2023. The Company is planning for a further resumption of operations on March 27, 2023.”

The exact number of employees due to be recalled for the “resumption of operations” is unclear. However, according to Reuters , the restart will call for a “small subset” of employees to return to work.

Shares of Virgin Orbit rose nearly 50% in midday trading, bolstered by reports of a new lifeline offered by venture capital investor Matthew Brown .

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