Virgin Orbit has paused operations and sent almost its entire staff on unpaid furlough. A part of Richard Branson’s Virgin Group, the company helps launch small satellites.
Not long ago, Virgin Orbit grabbed headlines when when its mission to launch nine small satellites failed and suffered a setback. This only added to the Company’s already existing financial woes.
It is not known for how long employees will be furloughed without pay, although media reports say that the rocket-launching firm is looking for a funding lifeline. In the meantime, operations appear to have been paused, and further updates will reportedly be provided to the employees by next week. As of now, employees have no idea when they will be able to return to work.
As per the Company, following the mission failure last month, there have been thorough investigations and the required alterations are being made to their next rocket, which is being tested for launch soon.
The rocket-building firm uses a modified 747 jet to launch satellites by dropping a rocket mid-flight, from under the aircraft’s wing. However, in its last mission earlier this year, due to a snag, the rocket failed to make it to orbit and fell into the ocean instead.
The shares of the company dipped drastically, closing at $0.71 per share recently, after having started off at about $10 per unit in 2021.
