VORB - Virgin Orbit stock plunges after Chapter 11 bankruptcy filing

April, 04 2023 06:13 AM Virgin Orbit Holdings Inc.

2023-04-04 06:13:29 ET

Virgin Orbit ( NASDAQ: VORB ) shares plunged around 25% premarket on Tuesday after the aerospace firm filed for bankruptcy .
Shares have lost 97% in its value over the past year
The bankruptcy filing comes as the firm, tied to British billionaire Richard Branson, failed to secure funds to keep operating and eliminated 85% of its staff . It has listed assets of about $243M and total debt at $153.5M in the Chapter 11 bankruptcy filing.
"While we have taken great efforts to address our financial position and secure additional financing, we ultimately must do what is best for the business," CEO Dan Hart said in a statement.

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