The satellite launch company Virgin Orbit is ceasing operation indefinitely and cutting almost its entire workforce after failing to attract more funding.
is ceasing operations indefinitely and cutting almost its entire workforce after failing to attract more funding.
The California company will lay off 675 employees, or 85% of its workforce, it said in a regulatory filing to the Securities and Exchange Commission on Thursday. The cuts, which will come from across the company, will be completed by Monday. “Unfortunately, we’ve not been able to secure the funding to provide a clear path for this company. We have no choice but to implement immediate, dramatic and extremely painful changes,” Mr. Hart told employees Thursday evening in an all-hands call while audibly choking up with emotion, according to CNBC.
The company, founded in 2017 by Virgin billionaire Richard Branson, used LauncherOne rockets fired from a modified Virgin 747 airliner dubbed “Cosmic Girl,” to put small satellites in space for its customers.
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