Things are looking really bad.
News of this apparent financial disaster comes just a few months after Virgin Orbit admitted that itsin mid-air just after liftoff in January. That update was made during an investor-focused press release in which the company appeared to be trying to reassure its investors that all was well — a fool's errand, it seems, given the latest.
"Our investigation [into the rocket disintegration] is nearly complete," a company spokesperson told media in a this week, "and our next production rocket with the needed modification incorporated is in final stages of integration and test."notes, the company's shares have taken a beating amid its admission of cash flow trouble. It's currently trading at 67 cents per share, down about 35 percent from its $1.04-per-share value at the end of the business day yesterday.when the company first went public at the end of 2021, it's not hard to see why it's in such dire straits now.
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