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Aftershocks from SPAC craze that enveloped Wall Street in 2021 are continuing to be felt in the latest industry environment, with a lot of investors steering obvious of loss-earning corporations. The latest casualty is Virgin Orbit (NASDAQ:VORB), which failed to safe extra funds months soon after a historic mission from British soil finished in failure.
“Although we have taken wonderful efforts to address our economical position and secure extra financing, we finally have to do what is best for the company,” CEO Dan Hart said in a statement.
“We feel that the cutting-edge start know-how that this crew has made will have vast appeal to buyers as we continue on in the system to market the organization. At this stage, we consider that the Chapter 11 system represents the greatest route ahead to identify and finalize an economical and price-maximizing sale.”
With out yet another funding lifeline, Virgin Orbit laid off 675 men and women, or close to 85% of its team, and suspended operations on March 30. The company, which has not turned a financial gain as a community firm, shown assets of about $243M and full personal debt at $153.5M in the Chapter 11 individual bankruptcy submitting.
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