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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Virgin Orbit stock plunges after Chapter 11 bankruptcy filing