Virgin Orbit Holdings Inc. VORB reportedly plans to cease operations and lay off roughly 90% of its staff, according to a Thursday afternoon CNBC report. Its shares were plunging 47% in after-hours trading after declining 16% in Thursday’s regular session. The company is making the move after failing to secure necessary funding, Chief Executive Dan Hart told employees at an all-hands meeting, according to the report. Virgin Orbit didn’t immediately respond to MarketWatch’s request for comment and confirmation. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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