The company ran into financial trouble and failed when its LauncherOne rocket failed during a launch attempt in January. Although Virgin Orbit is known for its technological advances, it has failed to attract enough investment to make its operations profitable.
After a failed launch, the company suspended operations, filed for Chapter 11 bankruptcy protection and laid off most of its staff. Despite hopes of raising additional funds or finding new owners, the court decided to sell the company’s assets at auction. Rocket Lab buys Virgin Orbit headquarters, Stratolaunch buys Cosmic Girl ship, Vast Space Mojave facility and Inliper office equipment.
Source: Ferra
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