VORB - Virgin Orbit reportedly in talks about potential buyout

2023-03-16 14:58:48 ET

Virgin Orbit Holdings ( NASDAQ: VORB ) is in talks with multiple investors to buy out the struggling company, according to The Financial Times .

The discussions follow reports that the company was seeking funding to continue operations and furloughing employees as founder Richard Branson declined to continue funding the company. According to the British paper , two investors are in talks with the company to either purchase the entire business, take a stake, or siphon off assets.

Shares rebounded sharply after the report crossed newswires before continuing to trend deeper into the red. Virgin Orbit ( VORB ) stock slid nearly 30% on Thursday, extending about a 55% drop in the past month.

Read more on the company’s launch failure in January .

For further details see: