KEY POINTS
  • Virgin Orbit is ceasing operations "for the foreseeable future" after failing to secure a funding lifeline, CEO Dan Hart told employees during an all-hands meeting Thursday.
  • The company will lay off all but 100 employees, according to audio of the 5 p.m. ET meeting obtained by CNBC.
  • Shareholders unloaded the stock in extended trading Thursday.

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The company's 747 jet "Cosmic Girl" releases a LauncherOne rocket in mid-air for the first time during a drop test in July 2019.

Virgin Orbit is ceasing operations "for the foreseeable future" after failing to secure a funding lifeline, CEO Dan Hart told employees during an all-hands meeting Thursday afternoon. The company will lay off nearly all of its workforce.

"Unfortunately, we've not been able to secure the funding to provide a clear path for this company," Hart said, according to audio of the 5 p.m. ET meeting obtained by CNBC.

In this article