The space race continues to grow as more companies add their name to the list of contestants. With that, there have been some fascinating achievements, including 3D-printed rockets, and rocket models that use a spinning force instead of a normal launch pad. However, not everyone makes it, as Virgin Group has learned. Resulting in the closure of Virgin Orbit.
Thankfully, this doesn’t appear to be a permanent exit for the company. It is simply an opportunity to work on its future business plans and financial strategies as the company looks ahead from its previous failed attempt to launch in January, resulting in a loss of its satellite cargo.
The company announced that it will pause all operations “company-wide” and furlough its employees for the time being, with more information coming within a week. Hopefully, with the plan to bring everyone back once it has determined a better future for its launch attempts and services.
Although we won’t know for sure until Virgin Orbit releases further information detailing its decision and how it is planning to come back from it all. In the meantime, the stock is at one of the best prices ever, dropping to less than 0.75 cents from over $7.50 a year ago. As long as the company doesn’t close shop and walk away.
