Virgin Orbit (NASDAQ:VORB) stock is falling hard on Thursday as the satellite launch service company pauses operations.
According to a Securities and Exchange Commission (SEC) filing, the company is enacting an operation pause that starts today. During this pause, the company is holding discussions with potential funding sources, as well as exploring strategic alternatives.
Virgin Orbit notes that there’s no guarantee its discussions will result in any additional funding. The company also points out that it won’t be providing additional updates on these matters unless its board of directors approves a specific transaction or another event.
Investors waiting for additional news from the company will want to keep March 21 in mind. That’s when the company expects its operational pause to end. It may also be when investors in VORB stock get another update from the company.
How This Affects VORB Stock
Virgin Orbit seeking out more funding or strategic alternatives isn’t sitting well with investors. The news has shaken their confidence, which is reflected by the lower stock price today. That also brings with it some 500,000 shares changing hands. This is closing in on its daily average trading volume of about 521,000 shares.
VORB stock is down 33.8% as of Thursday morning.
Investors seeking out more of the latest stock market news will want to stick around!
We have all of the hottest stock market stories traders need to know about on Thursday! That includes why shares of Esperion Therapeutics (NASDAQ:ESPR), CXApp (NASDAQ:CXAI), and ThermoGenesis (NASDAQ:THMO) stock are moving today. You can learn more on these matters at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
