Shares of American Virgin Orbit, which was founded by billionaire Richard Branson, collapsed 26% in one day and hit a record low. The company is experiencing serious financial difficulties, which is why it was forced to send almost all employees on vacation.
The prices of the US company Virgin Orbit, which specializes in launching satellites into low Earth orbit, fell 26% in a trading session. As of 18:30 Moscow time, the company’s shares on the Nasdaq exchange are trading at $0.38 per share, which is a record low.
The company’s market capitalization also fell to a minimum: according to current data at press time, it is $132.2 million. Since listing in May 2021, Virgin Orbit’s shares have fallen in price by 95 .7%
Virgin Orbit’s shares began to plunge after the company announced it would extend unplanned vacations for nearly all employees, which sent them in mid-March. The company took such measures because it is experiencing serious financing problems.
Virgin Orbit is engaged in launching satellites into Earth orbit for commercial purposes. The company’s first launch in January 2023 ended in failure, after which Virgin Orbit’s shares collapsed 30%.
Author:
Kirill Bilyk
Source: RB
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