Shares raced down 42% to $0.1945 early Friday with more than 11 million shares traded. The stock on Thursday dropped 16% to $0.3401 after the workforce notification.
"Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Virgin Orbit CEO Dan Hart told employees, according to audio from a Thursday companywide meetingVirgin Orbit, which positioned itself to serve the small-satellite industry, will cease operations"for the foreseeable future," Hart said. In January 2021, its LauncherOne rocket
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