VORB - Virgin Orbit stock soars after giving update on UK launch anomaly

Virgin Orbit ( NASDAQ: VORB ) on Tuesday provided an update on an anomaly it experienced during its initial UK launch, which caused its rocket to shut down shutdown prematurely.

The company said it began its investigation into the failure within hours of the conclusion of the mission, and the failure investigation team got access to telemetry data collected during the mission from ground stations in the UK, Ireland, and Spain, as well as systems onboard its carrier aircraft.

Virgin Orbit's investigation confirmed that its spaceflight team successfully executed pre-flight preparations, carrier aircraft takeoff, captive carry flight, and rocket release.

The ignition, first stage flight, stage separation, second stage ignition, and fairing deployment of the LauncherOne rocket were nominal, the company added.

"Our investigation is not yet complete; the team is hard at work and we’ll pursue the cause and contributors to wherever the system analysis takes us. However, with many clear clues from extensive data assessment now understood, we are modifying our next rocket with a more robust filter and we are looking broadly to assure that all credible contributors to mission failure are rooted out and addressed," CEO Dan Hart said.

Virgin Orbit said its next launch will occur from the Mojave Air and Space Port in California for a commercial customer.

Shares +5.1% after hours.

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