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Billionaire Richard Branson's Virgin Orbit is back in business after temporarily halting operations and furloughing employees, sending shares skyward. The company is initiating an incremental resumption of its operations beginning on Thursday to prepare for its next mission, the launch services company said in a regulatory filing.
Richard Branson, founder of Virgin Orbit. (Virgin Orbit)
Last week, California-based Virgin Orbit paused all work and temporarily laid off most of its employees, roughly two months after the aerospace firm suffered a mid-flight rocket failure while trying to send several satellites into space.
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Shares are down 90% over the last year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| VORB | NO DATA AVAILABLE | - | - | - |
John Lonski, president of Thru the Cycle, told FOX Business "Virgin Orbit’s rally is still low versus the $8.04 earnings per share the company reached at the end of 2021."
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"While Virgin Orbit was able to recall employees, the company remains a highly speculative play," he added. "Only buy as much as you can afford to lose, but there may be better long shots out there, as questions about the company’s technology persists."
In this undated photo provided by Virgin Orbit on Jan. 9, 2023, Virgin Atlantic Cosmic Girl, a repurposed Virgin Atlantic Boeing 747 aircraft that will carry a rocket, is parked at Spaceport Cornwall, at Cornwall Airport in Newquay, England. Engineer (Virgin Orbit via AP / AP Newsroom)
The decision to resume operations comes as reports the cash-starved Virgin Orbit is nearing a deal for a $200-million investment from Texas-based venture capital investor Matthew Brown via a private share placement, according to a term sheet seen by Reuters.
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Virgin Orbit, one of several companies competing to commercialize the space industry, uses a modified Boeing 747 dubbed "Cosmic Girl" to launch rockets mid-air and carry its payload to orbit.