Virgin Orbit Holdings, Inc. (VORB) shares are falling on reports that the California-based aerospace and defense company is planning to cut 675 jobs or 85 percent of its workforce by April 3, 2023.
Richard Branson's satellite launch company failed to find funding for its mission.
The company estimates to incur aggregate charges of approximately $15 million, consisting primarily of $8.8 million in severance payments and employee benefits costs, and $ 6.5 million in other costs.
These charges will be recognized in the first quarter of 2023.
Currently, shares are at $0.19, down 42.07 percent from the previous close of $0.34 on a volume of 27,235,548.
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