VORB - Why Virgin Orbit Stock Fell to Earth Today
2023-03-31 12:23:28 ET
Space start-up Virgin Orbit Holdings (NASDAQ: VORB) said it was ceasing operations for the "foreseeable future" after failing to secure funding. Investors believe the end is near, sending shares of Virgin Orbit down as much as 44% on Friday.
Virgin Orbit is the lesser-known space start-up spun out of Richard Branson's Virgin Group. While Virgin Galactic continues to make slow progress toward ferrying tourists into space, Virgin Orbit is focused on launching small satellites into orbit.
But Virgin Orbit has struggled to make progress toward its goal. The company has dealt with a series of engineering setbacks, including a high-profile launch failure back in January , and earlier this month furloughed its workers while it sought a cash injection.
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Why Virgin Orbit Stock Fell to Earth Today