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☆ Here's what went wrong with Virgin Orbit
▼ + stars: | 2023-03-31 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +9 min

The deal, facilitated by a so-called blank check company, gave Virgin Orbit a valuation of nearly $4 billion. That debt gives the flashy British billionaire first priority of Virgin Orbit assets in the event of the now-impending bankruptcy. And Chief Strategy Officer Jim Simpson had also spent more than eight years in Boeing's satellite division before joining Virgin Orbit. That frustration continued after the pause, with employees confused by the lack of specifics about which investors were speaking to Virgin Orbit leadership. Virgin Orbit

☆ Virgin Orbit, Richard Branson's satellite company, is laying off 85% of staff and reportedly ceasing operations 'for the foreseeable future'
▼ + stars: | 2023-03-30 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +2 min

Richard Branson's satellite company, Virgin Orbit, is ceasing operations "for the foreseeable future," according to CNBC. Virgin Orbit was spun out of Branson's space tourism company, Virgin Galactic, in 2017. CNBC reported that Virgin Orbit would offer severance packages for departing staff and a partnership with its sister company, Virgin Galactic, for hiring. Virgin Orbit spun off from billionaire Richard Branson's space tourism company, Virgin Galactic, in 2017. Branson owns 75% of Virgin Orbit, according to CNBC.

☆ Virgin Orbit, Richard Branson's rocket company, to lay off 85% of staff
▼ + stars: | 2023-03-30 | by ( Jackie Wattles | ) edition.cnn.com time to read: +3 min

CNN —Virgin Orbit — the rocket company founded by British billionaire Richard Branson — is laying off the vast majority of its workforce as company leadership struggles to secure additional funding. Virgin Orbit spokespeople declined to comment beyond the filing. Virgin Orbit was founded in 2017 after spinning off from its sister company, Virgin Galactic, which is focused on using supersonic planes to vault high-paying tourists on joy rides to the edge of space. Virgin Orbit, on the other hand, has been developing an air-launched rocket, dubbed LauncherOne, for hauling small satellites to orbit. Virgin Orbit announced it was going public — via a reverse merger agreement called a SPAC — in the fall of 2021.

☆ Virgin Orbit to lay off about 85% of staff
▼ + stars: | 2023-03-30 | by ( Joey Roulette | ) www.reuters.com time to read: +2 min

March 30 (Reuters) - Rocket maker Virgin Orbit Holdings(VORB.O) on Thursday said it was laying off about 85% of staff because it had not been able to raise new investment. Shares of the company, which is controlled by Richard Branson's Virgin Group, fell 38% in after hours trade. About 675 employees will lose their jobs, and the company expects to take related charges of about $15 million, Virgin Orbit said in a regulatory filing. Virgin Orbit went public in 2021 through a blank-check deal, where it raised $255 million less than expected. A small group of employees returned to work on March 23 to focus on rocket engine work, an email to staff said at the time.

☆ Virgin Orbit extends worker furlough, continues funding talks -CEO
▼ + stars: | 2023-03-27 | by ( Joey Roulette | ) www.reuters.com time to read: +2 min

March 27 (Reuters) - Billionaire Richard Branson's cash-strapped Virgin Orbit Holdings (VORB.O) will extend an unpaid furlough for most of its employees as talks seeking new funding continue, the company's chief executive said in an email to employees on Monday. Virgin Orbit declined further comment. Reuters reported last week that Texas-based Matthew Brown had been in talks to invest $200 million in the company. Branson owns a controlling stake of Virgin Orbit of roughly 75%. Virgin Orbit shares were down 12% in after-hours trading Monday after closing down 26 cents, or 33%, at 54 cents a share.

☆ Virgin Orbit extends unpaid pause as Brown deal collapses, 'dynamic' talks continue
▼ + stars: | 2023-03-27 | by ( Michael Sheetz | ) www.cnbc.com time to read: +4 min

Virgin Orbit launches its LauncherOne rocket from the spaceport in Cornwall, marking the first ever orbital launch from the UK. (Photo by Matthew Horwood/Getty Images)Virgin Orbit is again extending its unpaid pause in operations to continue pursuing a lifeline investment, CEO Dan Hart told employees in a company-wide email. But discussions between Virgin Orbit and the Texas-based investor stalled and broke down late last week, a person familiar told CNBC. Virgin Orbit was spun out of Branson's Virgin Galactic in 2017 and counts the billionaire as its largest stakeholder, with 75% ownership. Mubadala, the Emirati sovereign wealth fund, holds the second-largest stake in Virgin Orbit, at 18%.

☆ Virgin Orbit says space startup in talks with potential investors
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +3 min

March 23 (Reuters) - Billionaire Richard Branson's cash-strapped satellite launch company Virgin Orbit Holdings (VORB.O) said on Thursday it is in talks with "interested parties" about an investment in the company. "As we disclosed on March 16, the company has taken cash preservation measures as it explores strategic options to secure Virgin Orbit's future," Virgin Orbit said in a statement. "The company can confirm that it is in discussions with interested parties about a potential investment in the company," Virgin Orbit added. Brown, who describes himself as a "space enthusiast" who has invested in more than 13 space companies, told CNBC he would own Virgin Orbit if the deal closes. Virgin Orbit said on Wednesday it would resume operations on Thursday and prepare for its next mission by recalling some employees.

☆ Investing in Space: The latecomer
▼ + stars: | 2023-03-23 | by ( Michael Sheetz | ) www.cnbc.com time to read: +3 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. A small group of Virgin Orbit employees are rolling back into the company's Long Beach, California, headquarters today. Virgin Orbit this week announced a partial resumption of operations, potentially bolstered by a surprising new backer: private investor Matthew Brown. A person close to the Virgin Orbit deal described Brown as a "latecomer" and said company leadership initially considered his bid "super fringe." From another investor's perspective, Virgin Orbit was "the most likely to succeed after Rocket Lab " in the small satellite launch market.

☆ Exclusive: Virgin Orbit near deal to raise $200 million from Matthew Brown
▼ + stars: | 2023-03-22 | by ( Joey Roulette | ) www.reuters.com time to read: +2 min

WASHINGTON, March 22 (Reuters) - Billionaire Richard Branson's cash-strapped Virgin Orbit Holdings Inc (VORB.O) is near 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. Virgin Orbit and Matthew Brown are aiming to close the deal on Friday, according to the term sheet, which is not binding and remains subject to final agreement. Virgin Orbit was not immediately available to comment, while Matthew Brown Companies did not respond immediately to a request for comment. Under the deal, Matthew Brown will be entitled to convert his $200 million investment in Virgin Orbit's preferred shares into common shares at the volume weighted average price in the 30 days before the deal is signed. Reuters reported on Tuesday that Virgin Orbit plans to recall a small team from the furlough on Thursday to work on rocket upgrades.

☆ Exclusive: Virgin Orbit in talks to raise $200 mln from Matthew Brown-term sheet
▼ + stars: | 2023-03-22 | by ( Joey Roulette | ) www.reuters.com time to read: +1 min

WASHINGTON, March 22 (Reuters) - Billionaire Richard Branson's cash-strapped Virgin Orbit (VORB.O) is near 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. The two companies are aiming to close the deal on Friday, according to the term sheet. Virgin Orbit was not immediately available to comment. Matthew Brown Companies did not immediately reply to a Reuters request for comment. Reuters reported on Tuesday that Virgin Orbit plans to recall a small team from the furlough on Thursday to work on rocket upgrades.

☆ Branson's Virgin Orbit to recall small team from near-total furlough
▼ + stars: | 2023-03-22 | by ( Joey Roulette | ) www.reuters.com time to read: +2 min

WASHINGTON, March 21 (Reuters) - Richard Branson's Virgin Orbit (VORB.O) plans to recall on Thursday a small group of employees from a near company-wide furlough to work on rocket upgrades, an email to staff said, with the company confirming some team members would return. The move, in which only employees critical to company functions would remain, was intended to buy Virgin Orbit more time to finalize an investment plan and stave off bankruptcy. Discussions over Virgin Orbit's investment plan to stave off bankruptcy were ongoing, said a second person familiar with the process. A Virgin Orbit spokesperson said in a statement that the company was targeting an "incremental resumption" of operations to support its next launch. Virgin Orbit shares fell to a fresh record low close of $0.44 on Tuesday.

☆ Branson's Virgin Orbit to return small team from near-total furlough
▼ + stars: | 2023-03-22 | by ( Joey Roulette | ) www.reuters.com time to read: +1 min

WASHINGTON, March 21 (Reuters) - Richard Branson's Virgin Orbit (VORB.O) plans to return on Thursday a small group of employees from a near company-wide furlough to work on rocket upgrades, three people familiar with the matter said, with the company confirming it had recalled some team members. The number of employees due to return to work at the cash-strapped company was not immediately clear. Virgin Orbit chief executive Dan Hart announced the return of some staff from furlough in an email to employees on Tuesday night, said the three people, who requested anonymity to discuss internal company matters. Virgin Orbit said in a statement that it was targeting an "incremental resumption" of operations to support its next launch. Virgin Orbit shares fell to a fresh record low close of $0.44 on Tuesday.

☆ Stocks making the biggest moves premarket: GameStop, Luminar Technologies, Virgin Orbit & more
▼ + stars: | 2023-03-22 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

GameStop — The meme stock surged 44% after the company posted a quarterly profit for the first time in two years Tuesday. Luminar Technologies — Shares dropped nearly 9.2% after being downgraded by Goldman Sachs to sell from neutral. Petco Health and Wellness — The stock fell by 7.8% in early morning trading after the company reported fourth-quarter earnings that missed Wall Street's expectations. First Republic — Shares of the regional bank fell by 4.2% in premarket trading after jumping nearly 30% in Tuesday's session. Sales in China fell short of analyst expectations, and the company continued working through its inventories, which weighed on margins.

☆ Stocks making the biggest moves midday: Nvidia, First Republic, Nike, GameStop and more
▼ + stars: | 2023-03-22 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Wall Street analysts lauded the company's artificial intelligence leadership following its developer conference Tuesday. First Republic Bank — Shares of the regional bank were down nearly 16% on Wednesday. Its results can't be compared with Wall Street estimates because too few analysts cover the company. Petco Health and Wellness — Shares fell 17.5% after the company reported earnings. The Wall Street firm believes the self-driving car software stock is too expensive and could fall 35% from Tuesday's close.

☆ Exclusive: Virgin Orbit near deal to raise $200 mln from Matthew Brown - term sheet
▼ + stars: | 2023-03-22 | by ( Joey Roulette | ) www.reuters.com time to read: +3 min

WASHINGTON, March 22 (Reuters) - Billionaire Richard Branson's cash-strapped Virgin Orbit Holdings Inc (VORB.O) 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. Matthew Brown Companies did not immediately respond to a request for comment. Virgin Orbit and Matthew Brown are aiming to close the deal on Friday, according to the term sheet, which is not binding and remains subject to final agreement. Virgin Orbit's board agreed to move forward with the deal at a meeting held on Tuesday, according to a person with direct knowledge of the matter. Under the deal, Matthew Brown will be entitled to convert his $200 million investment in Virgin Orbit's preferred shares into common shares at the volume weighted average price in the 30 days before the deal is signed.

☆ Virgin Orbit starts to plan for insolvency amid rescue talks, Sky News reports
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

March 19 (Reuters) - Aircraft engineering company Virgin Orbit Holdings Inc (VORB.O) has begun drawing up detailed contingency plans for its insolvency days after halting its operations and furloughing its workforce, Sky News reported on Sunday. Richard Branson's Virgin Group is working with restructuring firms Alvarez & Marsal and Ducera about fallback plans if they cannot secure new funding, the report added. Last week, Reuters reported that Virgin Orbit Chief Executive Dan Hart told staff in a meeting that the furlough was intended to buy the company time to finalize a new investment plan to help pull it out of its financial woes, while the duration of the furlough remained unclear. Virgin Orbit did not respond to a Reuters request for comment. Reporting by Urvi Dugar in Bengaluru; Editing by Aurora Ellis and Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ Virgin Orbit furloughs almost all employees, pauses ops for a week - CNBC
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: 1 min

March 15 (Reuters) - Richard Branson's Virgin Orbit (VORB.O) is furloughing nearly all its employees and pausing operations for a week as it looks for funding, CNBC reported on Wednesday, citing people familiar with the matter. The satellite launch firm's executives briefed employees on the situation in an all-hands meeting earlier in the day and told them that the company aimed to provide an update on the furlough and funding situation by next week, according to the report. Virgin Orbit did not immediately respond to a Reuters request for comment. Shares of the company dropped 8.9% to 92 cents in extended trading. Reporting by Eva Mathews in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Virgin Orbit pauses operations for a week, furloughs nearly entire staff as it seeks funding
▼ + stars: | 2023-03-15 | by ( Michael Sheetz | ) www.cnbc.com time to read: +2 min

Virgin Orbit is furloughing nearly all its employees and pausing operations for a week as it looks for a funding lifeline, people familiar with the matter told CNBC. Virgin Orbit is also moving up payroll by a week to Friday. Virgin Orbit did not immediately respond to CNBC's requests for comment. Shares of Virgin Orbit fell 11% in after-hours trading from its close at $1.01 a share. When Virgin Orbit reported third quarter results in early November, it disclosed cash on hand of $71.2 million at the end of the quarter.

☆ Branson's Virgin Orbit to pause ops, furlough nearly all employees - source
▼ + stars: | 2023-03-15 | by ( Joey Roulette | ) www.reuters.com time to read: +1 min

March 15 (Reuters) - Richard Branson's Virgin Orbit (VORB.O) on Wednesday said it was pausing all operations from March 16 and a source familiar with the matter told Reuters that the satellite launch company was also furloughing nearly all of its employees. Chief Executive Dan Hart told staff in a meeting that the furlough was intended to buy Virgin Orbit time to finalize a new investment plan to help pull the company out of its financial woes, according to the source, who attended the meeting. The duration of the furlough was unclear, but Hart said he would provide employees an update by the middle of next week on when they could return, the source said. In a statement to Reuters, the company confirmed the operational pause but it did not give details on the furloughs. Last month, Virgin Orbit said it was investigating the failure of its mission in January to deploy nine small satellites into lower Earth orbit (LEO) from the coastal town of Newquay in southwest England.

☆ Richard Branson's Virgin Hotels opened its newest location in New York City with rooms starting at almost $600 — see inside
▼ + stars: | 2023-02-26 | by ( Brittany Chang | ) www.businessinsider.com time to read: 1 min

The hotel, which is on Broadway, is still wrapping up final construction projects and ironing out kinks ahead of its grand opening in the spring. Brittany Chang/Insider

☆ 'Farewell to a wonderful beast': Branson's homage to Boeing 747
▼ + stars: | 2023-02-01 | by ( Tim Hepher | ) www.reuters.com time to read: +2 min

[1/4] A rocket containing a payload of small satellites sits under the wing of "Cosmic Girl", a converted Boeing 747, at Cornwall Spaceport in Newquay, Britain, January 3, 2023 ahead of the first orbital launch from western Europe being planned by Virgin Orbit. REUTERS/Tim HepherPARIS, Jan 31 (Reuters) - British billionaire entrepreneur Richard Branson, who was inspired to start an airline with a single Boeing 747 after getting stuck on a delayed flight, paid tribute to the Queen of the Skies on Tuesday as Boeing delivered its final jumbo jet. "It gave America and Boeing the leadership role in aviation," said Branson, the son of a flight attendant who founded Virgin Atlantic in 1984 after cold-calling Boeing as a successful record publisher to ask about a second-hand 747. Branson's latest aerospace venture, Virgin Orbit, aims to launch satellites from a rocket released from under the wing of a 747 dubbed Cosmic Girl, formerly part of the same airline. "So farewell to a wonderful beast."

☆ Billionaire Richard Branson calls the Boeing 747 a 'wonderful beast' after the last jumbo jet is delivered but says it was 'too expensive'
▼ + stars: | 2023-02-01 | by ( Kate Duffy | ) www.businessinsider.com time to read: +2 min

Richard Branson described the 747 as a "wonderful beast" as Boeing stopped production of the jets. Branson told Reuters the 747's daily fuel costs across the Atlantic became too expensive. Thousands of people gathered on Tuesday to celebrate Boeing delivering its final 747. "So farewell to a wonderful beast," Branson told Reuters. Insider attended the UK's first orbital space launch carried out by Virgin Orbit at Spaceport Cornwall.

☆ Spaceport boss says it's challenging being a successful woman in the space industry as some people exclude her from conversations
▼ + stars: | 2023-01-28 | by ( Kate Duffy | ) www.businessinsider.com time to read: +3 min

Melissa Thorpe, a Spaceport boss, spoke about the criticism she gets as a woman in the space sector. The space industry is male-dominated, but Thorpe said she's questioning how things are done. Thorpe said she didn't get into the space industry in the traditional way. One out of 5 space industry workers are womenThorpe's seven-day job not only involves running the spaceport, but also going to conferences, traveling, and meeting with clients in different time zones. The United Nations reported in October 2021 that around one in five workers in the space industry are women.

☆ Robert De Niro was almost my 50-50 partner in MoviePass — and he showed me the 'Raging Bull' boxing ring to try to seal the deal
▼ + stars: | 2023-01-23 | by ( Stacy Spikes | ) www.businessinsider.com time to read: +15 min

One night, I said to Marianne, "What if we made a Netflix for the movie theater industry? I tried to push my subscription idea, but it fell flat. I continued to tread water on my subscription idea, but things were slow going. One Saturday, a dear friend of ours named Peter called and asked how the movie subscription idea was coming. They're interested in buying both the Urbanworld Film Festival and the movie subscription company for one million dollars.

☆ I was at Richard Branson's Virgin Orbit launch. It felt like a festival with its silent disco and food trucks, but the excitement plummeted when the launch failed — and Branson watched from his privat
▼ + stars: | 2023-01-11 | by ( Kate Duffy | ) www.businessinsider.com time to read: 1 min

Despite the electric atmosphere, there was one prominent person missing: Richard Branson. His representative said Branson was unable to join the team in person but was cheering them on and "glued to the action." Virgin Orbit

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