Virgin Orbit Holdings drops after bankruptcy filing

Virgin Orbit Holdings

04/04/2023 10:16

** Satellite launch company Virgin Orbit Holdings Inc's  VORB.O  shares down 18% at $0.16
premarket
    ** Company's shares most actively traded across U.S. exchanges at 4:20 a.m. ET
    ** Richard Branson's Virgin Orbit files for Chapter 11 bankruptcy on Tuesday after failing
to secure long-term funding needed to help it recover from a January rocket failure
    ** Last week company said it would lay off 85% of staff
    ** Virgin Orbit went public in 2021 via SPAC deal; it was spun off from Branson's space
tourism firm Virgin Galactic Holdings Inc  SPCE.N  in 2017
    ** Virgin Orbit shares hit record low of $0.19 on Monday
    

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Virgin Orbit market cap    https://tmsnrt.rs/40HOJHO
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 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))