Virgin Orbit eyes best day ever on decision to resume operations

Virgin Orbit Holdings

22/03/2023 14:42

(Updates)
    ** Shares of billionaire Richard Branson's Virgin Orbit
Holdings Inc  VORB.O  surge 50.1% to 67 cents, eyeing their best
day ever 
        ** Reuters 
    reported
     that VORB would recall a small group of employees on March
23, from a near company-wide furlough, to prepare for its next
mission 
  
        ** Adds that it is also planning a further resumption of
operations on March 27 
  
    ** VORB is near a deal for a $200 mln investment from
venture capital investor Matthew Brown via a private share
placement, according to a term sheet seen by Reuters
    ** Last week, VORB said it was exploring strategic options
and was in talks for funding after a cash crunch forced the
satellite launch company to pause operations
    ** Stock hits highest since March 16 
    ** Up to last close, stock is down 76% YTD

 (Reporting by Chavi Mehta in Bengaluru)
 ((Chavi.Mehta@thomsonreuters.com;))