Virgin Orbit said it would begin resuming operations on Thursday.
Photo:
James Beck / Bloomberg News
VORB 52.14%
said they are starting to bring back staff and continue preparations for the next satellite launch after pausing last week to save cash like it seeks more funding.
The satellite company, which is backed by billionaire Richard Branson, said it had no intention of providing updates on discussions to raise more capital unless and until its board of directors approved it. approve a specific agreement.
Virgin Orbit said it would begin resuming incremental operations on Thursday. The shutdown—starting March 16—for the rest of the workforce is expected to continue through March 26, and Virgin Orbit is planning to resume operations. on March 27th.
Virgin Orbit shares jumped about 46% shortly after the opening bell on Wednesday.
The Wall Street Journal previously reported that Virgin Orbit is in talks with financial institutions to secure a bailout as they investigate what happened to its premium launch from Cornwall, England.
Write to Will Feuer at [email protected]
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