Virgin Orbit Holdings VORB The stock was trading 41.84% lower at $0.20 on Friday morning, following reports that the company would cease operations for the foreseeable future and cut nearly 90% of its workforce.
Shares plunged nearly 80% after the company announced a company-wide shutdown earlier this month to save capital while it consults with potential sources of funding and explores strategic opportunities. I’m here.
SEE ALSO: Richard Branson’s Virgin Orbit Raises Nearly $11 Million To Cover Layoff Costs
what happened?
Virgin Orbit has raised $10.9 million from Branson’s investment arm through the issuance of senior secured convertible notes, the company said in an SEC filing.
Proceeds will be used to pay severance payments to the 675 employees laid off on Thursday…read more
According to data from benzinga proVORB has a 52-week high of $7.59 and a 52-week low of $0.19.
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