Virgin Orbit slumps as furlough to extend, funding talks ongoing

Virgin Orbit Holdings

28/03/2023 11:24

** Shares of satellite launch company Virgin Orbit Holdings
 VORB.O  fall 13.8% to 46 cents premarket
    ** Billionaire Richard Branson's cash-strapped Virgin Orbit
is extending an unpaid furlough for most of its employees as
talks seeking new funding continue, CEO Dan Hart said in an
email to employees on Monday
    ** Reuters reported last week Texas-based Matthew Brown had
been in talks to invest $200 million in VORB, but those talks
have collapsed, two sources told Reuters on Monday
    ** "Our investment discussions have been very dynamic over
the past few days, they are ongoing, and not yet at a stage
where we can provide a fulsome update," - CEO 
    ** Up to last close, VORB down ~71% YTD

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