VirginOrbit has laid off most of its staff after failing to secure a funding lifeline to continue with the development of its space solutions business.
In comments reported by CNBC, Dan Hart, the company’s CEO, told employees at a meeting on Thursday that Virgin Orbit would cease operations “for the foreseeable future.”
Related The development, laid out in a securities filing dated March 30, isn’t a major surprise as Virgin Orbit has been seeking funding for some time. The challenging search led to the company furloughing all of its staff earlier this month while it looked for a cash injection, although in recent weeks some of those furloughed employees had reportedly returned to work.
But instead of launching the satellites on rockets launched from the ground, Virgin Orbit used a modified Boeing 747 aircraft that fitted the rocket and its payload beneath a wing before launching it from an altitude of around 35,000 feet.
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