Virgin Orbit falls following Nasdaq's delisting notice

Virgin Orbit Holdings

11/04/2023 10:58

** Shares of embattled satellite launch company Virgin Orbit
Holdings Inc  VORB.O  tank 27% before the bell to 12 cents - set
to open at record low levels 
    ** Co says it has received a notice that the Nasdaq has
initiated proceedings to delist co from  .IXIC 
    ** Nasdaq says co has not filed its annual report for fiscal
year ended December 2022 and has commenced voluntary chapter 11
bankruptcy proceedings
    ** Co's shares, warrants will be suspended from trading from
April 13, says Nasdaq
    ** VORB intends to appeal Nasdaq's decision
    ** Co filed for bankruptcy protection on April 4 as it
struggled to secure long-term funding following a failed launch
in January
    ** Up to last close, stock had fallen 91% YTD 
    

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))