It is noted that the company is forced to reduce the entire staff, leaving only 100 people. According to the filing with the SEC, Virgin Orbit will lay off 675 people, which is 85% of all employees.
“Unfortunately, we have not been able to secure funding to provide a clear path for this company,” Virgin Orbit CEO Dan Hart said.
He said the company has no choice but to implement immediate, dramatic and extremely painful changes. Hart also added that it would certainly be the hardest thing they’ve ever done.
“This company, this team – all of you – means a lot to me. And I don’t stop and won’t stop supporting you, whether you’re here or anywhere,” he said.
Virgin Orbit will provide a severance pay package to every employee who leaves, with a cash payment, continued benefits and subsequent support to find a new position, he said.
Recall that earlier we wrote that Saudi Arabia is investing $1 billion in the company of a British billionaire.
In January of this year, Virgin Orbit made the first-ever launch of a spacecraft into orbit from the UK. However, an anomaly prevented the rocket from entering orbit.
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