All verified mentions of this organization in source documents.
Virgin Orbit laid off about 85% of its approximately 800-person workforce on 2023-03-30.
Virgin Orbit acquired a Boeing 747 from Virgin Atlantic in 2015 to serve as LauncherOne’s air-launch platform.
Virgin Investments Limited provided $60,000,000 in loans to Virgin Orbit between November 2022 and February 2023.
Virgin Investments Limited provided an additional $10,700,000 to Virgin Orbit on 2023-03-30 to cover much of severance and related layoff costs.
Virgin Orbit’s first planned LauncherOne launch slipped from 2018 to 2020 and the 2020 attempt failed to reach orbit.
Virgin Orbit’s most recent LauncherOne mission on 2023-01-09 failed due to a fuel filter that came loose in the rocket’s upper stage, leading to a premature engine shutdown.
Virgin Orbit announced on 2023-03-30 that it was laying off approximately 675 employees, representing 85% of its workforce.
In its latest SEC filing, Virgin Orbit raised an additional $10,700,000 from Virgin Investments Limited at a 12% interest rate.
Virgin Orbit furloughed most employees on 2023-03-15 as part of a pause in operations while seeking to raise money.
Virgin Orbit raised $60,000,000 in four separate debt financings from Virgin Investments Limited (VIL).
Virgin Orbit designated the $10,700,000 raised from Virgin Investments Limited to employee severance and other layoff-related expenses estimated at $15,000,000.
Virgin Orbit ended the third quarter with $71,000,000 in cash on hand and an operating loss of $50,500,000 in the quarter, as reported on its 2022-11-07 earnings call.
When Virgin Orbit announced the employee furloughs, the company was nearly done with the investigation into the 2023-01-09 launch failure and had its next rocket in the final stages of integration and testing.
Virgin Orbit paused operations and furloughed most of its staff on 2023-03-15 while attempting to raise additional capital to return LauncherOne to flight.
The reported $200,000,000 investment from Matthew Brown Companies for Virgin Orbit fell through, prompting Virgin Orbit to postpone plans to bring back more employees.
Virgin Orbit brought some employees back on 2023-03-22 to continue preparations for a next LauncherOne mission while pursuing a reported $200,000,000 investment from Matthew Brown Companies.
Virgin Orbit initiated an incremental resumption of operations beginning 2023-03-23 to work on preparations for its next mission.
Virgin Orbit is in talks with venture fund Matthew Brown Companies to raise up to $200,000,000 through a private share placement, with the deal potentially closing as soon as 2023-03-24.
Virgin Orbit did not provide an update in its latest SEC filing about efforts to raise new funding.
Virgin Orbit reported an operating loss of $50,500,000 for the third quarter in its November 2022 quarterly earnings report.