Virgin Orbit rallies on decision to resume operations

Virgin Orbit Holdings

22/03/2023 16:38

(Updates)
    ** Shares of billionaire Richard Branson's Virgin Orbit
Holdings Inc  VORB.O  surge 50% to $0.66
        ** Satellite launch company's shares on track to snap
six straight sessions of decline
  
        ** Last week, VORB said it was exploring options and was
in talks for funding after a cash crunch forced it to pause
operations
    ** VORB says on Wednesday it will resume operations on March
23 and prepare for its next mission by recalling some of its
employees
        ** Company says it is also planning a further resumption
of operations on March 27 
  
    ** VORB 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
    ** Stock down ~64% YTD

 (Reporting by Chavi Mehta and Tiyashi Datta in Bengaluru)
 ((Chavi.Mehta@thomsonreuters.com))