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The most recent loan from Virgin Investments Limited to Virgin Orbit was $5,000,000 provided on 2023-02-28.
In a 2023-03-16 filing with the Securities and Exchange Commission, Virgin Orbit expected the operational pause to continue to 2023-03-21 while it conducted discussions with potential funding sources and explored strategic opportunities.
Virgin Orbit reported $71,000,000 of cash on hand as of the end of the third quarter in its November 2022 quarterly earnings report.
Virgin Orbit reported an operating loss of $50,500,000 for the third quarter in its November 2022 quarterly earnings report.
Virgin Investments Limited has provided Virgin Orbit $60,000,000 in four tranches since November 2022 in the form of loans with interest rates as high as 12 percent.
Virgin Orbit has not announced when it will release its financial results for the fourth quarter of 2022 and the full year 2022.
Virgin Orbit shares closed down nearly 2% at $1.58 on 2023-02-14 and rose in after-hours trading after the company released its 2023-02-14 statement.
Virgin Orbit provided additional details on the likely cause of the LauncherOne failure that occurred on 2023-01-09.
Virgin Orbit is modifying its next rocket with a more robust filter.
Four satellites built by SatRev have been delivered to Low Earth Orbit by Virgin Orbit’s LauncherOne system on the Tubular Bells and Above the Clouds missions.
Space firms that went public through SPAC deals include Astra, Virgin Orbit, Rocket Lab, BlackSky, Spire, AST SpaceMobile, Satellogic, Planet, Terran Orbital, Virgin Galactic, Redwire, and Momentus.
Virgin Orbit’s LauncherOne is an air-launched rocket that deploys from a modified Boeing 747 carrier aircraft at high altitude.
Virgin Orbit has raised $55,000,000 in debt since November from Virgin Investments Limited, the investment arm of Virgin Group.
Virgin Orbit's LauncherOne rocket on the Start Me Up mission from Spaceport Cornwall in England failed to reach orbit on 2023-01-09.
Four satellites built by SatRev have been delivered to low Earth orbit by Virgin Orbit’s LauncherOne on the Tubular Bells and Above the Clouds missions.
Virgin Orbit CEO Dan Hart supports expanding SatRev’s constellation and providing launch services to SatRev over multiple years.
Virgin Orbit ended the third quarter of 2022 with $71,000,000 of cash on hand.
Virgin Orbit raised $20,000,000 on 2022-12-19 in the form of a senior secured convertible note from Virgin Investments Limited.
Virgin Orbit reported an operating loss of $149,500,000 for the first nine months of 2022.
Virgin Orbit raised $25,000,000 in November 2022 in the form of a senior unsecured convertible note from Virgin Investments Limited.