The satellite launch company founded by Richard Branson is pausing all operations and furloughing nearly all of its employees.
to the U.S. Securities and Exchange Commission, Virgin Orbit said the company-wide operational hold was put in place “in order to conserve capital while the Company conducts discussions with potential funding sources and explores strategic opportunities.”A Virgin Orbit aircraft sits on the tarmac at Cornwall Airport Newquay, in Newquay, U.K., last year.Virgin Orbit was founded in 2017 with the aim to launch small satellites into orbit.
The company’s failure in January was a major setback. The mission was a collaboration between Virgin Orbit, the U.K. Space Agency, the Royal Air Force and the Cornwall Council, and marked the aerospace firm’s first international launch attempt. . “Intense disappointment gets quickly channeled into the motivation to dig into the cause, to understand all contributing elements and to thereby get back to flight with a better system and a wiser team. Our investigation is not yet complete; the team is hard at work and we’ll pursue the cause and contributors to wherever the system analysis takes us.”
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