Virgin Orbit resumes some of its operations to shake off crisis

BLOOMBERG

Virgin Orbit Holdings Inc said it’s targeting “an incremental resumption of operations” after temporarily halting activities in the wake of a failed satellite launch a few months ago that threw the ambitious space program off course.
“Our first step will begin on Thursday of this week, when we plan to return a subset of our team to focus on critical areas for our next mission,” Virgin Orbit said in a statement. “We are looking forward to getting back to our mission and returning to orbit.”
Virgin Orbit was set for its biggest-ever gain, with the share rising as much as 155% in premarket trading. The stock has lost 76% this year.
The company said it’s preparing for its next launch, without specifying when that might occur. The update comes a week after the Richard Branson-founded satellite launch firm said it would halt operations while attempting to secure more funding, throwing the future of the business in doubt. Almost all of Virgin Orbit’s staff were furloughed for a week.
Reuters reported that Virgin Orbit is working on a $200 million infusion from Texas-based venture capital investor Matthew Brown via a private share placement, citing a term sheet.
Virgin Orbit is trying to emerge from a high-profile failure in January, when the attempted launch of nine small satellites out of Spaceport Cornwall suffered a mishap during flight. The rocket, which was released from underneath the wing of a Boeing 747, never reached its proposed altitude, leading to the loss of all satellites on board.