Virgin Orbit announced the complete cessation of activities after the sale of assets
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On Tuesday, May 23, British billionaire Richard Branson’s space company Virgin Orbit reportedthat it will completely cease operations after the completion of the sale of assets. The company’s assets were valued at $36 million, that is, about 1% of capitalization companies at the end of 2021, when it held an IPO in the US and was valued at $3.5 billion. In a statement, the company’s management thanked employees, investors, partners and customers.
The company’s problems began after it failed to complete the first ever launch of space satellites from the UK. Mid March became knownthat the company suspended work and sent most of its employees on unpaid leave. Virgin Orbit tried to find funding, and when that failed, in April announced about bankruptcy.
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