Virgin Orbit to lay off 85% of staff, shares tumble

Virgin Orbit Holdings

30/03/2023 22:44

** Shares of rocket maker Virgin Orbit Holdings  VORB.O 
slump ~44% to $0.19 in extended trading
    ** VORB says in a regulatory filing that it will lay off
about 85% of staff, or about 675 employees
    ** Expects to take related charges of about $15 mln
    ** Stock closed 16% lower on Thursday and has slumped 66%
since close on March 15
    ** Up to last close, stock had fallen about 82% YTD

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))