Virgin Orbit went public in 2021 through a blank-check deal, raising $255 million less than expected.
Spun off from Branson’s space tourism firm Virgin Galactic in 2017, Virgin Orbit air-launches rockets from beneath a modified Boeing 747 plane to send satellites into orbit.
Between November and March, Branson’s Virgin Group provided $50 million to the satellite launch company via debt secured against its equipment and other assets in the event of a bankruptcy, according to securities filings. A general view of Cosmic Girl, a repurposed Boeing 747 aircraft carrying the LauncherOne rocket under its left wing, as final preparations are made at Cornwall Airport Newquay on January 9, 2023 in Newquay, United Kingdom.Getty Images
The March 30 announcement of about 675 layoffs came as a result of “the company’s inability to secure meaningful funding,” Virgin Orbit said. Those layoffs are expected to be substantially complete by Monday.
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