Virgin Orbit shares – the famous American aircraft company – witnessed a sharp fall by more than 40% during pre-market trading on Friday, continuing its losing streak from the previous session, after closing with a sharp drop of 16.02%.
This came after CNBC published yesterday evening, quoting information from an audio recording obtained by it, that Virgin Orbit will stop its operations now, because it was unable to obtain the necessary financing solutions to continue its operations.
The agency stated that the Executive Director of Virgin Orbit, Dan Hart, announced the news to the company’s employees at a meeting yesterday, saying that Virgin Orbit must implement immediate, dramatic and very painful changes, as he indicated that Virgin Orbit decided to abandon nearly 90% of its employees, Leaving only 100 non-company employees.
In terms of trading, Virgin Orbit (VORB) – listed on the Nasdaq Technology Index – fell by 42.66%, to record $0.1950 during pre-market trading, after closing yesterday’s session with a sharp drop of 16.02% at $0.3401 per share.