Virgin Orbit Holdings Inc VORB shares are trading lower by 41.84% to $0.20 Friday morning on reports the company is is ceasing operations for the foreseeable future and cutting nearly 90% of its workforce.
The stock is also down some 80% after the company earlier this month announced a company-wide operational pause in order to conserve capital while it conducts discussions with potential funding sources and explores strategic opportunities.
See Also: Richard Branson’s Virgin Orbit Raises Nearly $11M To Cover Layoff Costs
So What Happened?
Virgin Orbit raised $10.9 million from Branson’s investment arm via the issue of a senior secured convertible note, the company said in an SEC filing.
The proceeds would be used to pay severance to the 675 employees laid off on Thursday…Read More
According to data from Benzinga Pro, VORB has a 52-week high of $7.59 and a 52-week low of $0.19.