: Virgin Orbit stock rockets after plans to restart operations this week
Shares of Virgin Orbit Holdings Inc. VORB skyrocketed 64.9% in premarket trading, to bounce off the previous session’s record-low close, after the launch and space solutions company said it would initiate an “incremental resumption” of operations. The company said starting Thursday, March 23, it will work on preparations for its next mission, with a further resumption of operations planned for March 27. The company initiated a company-wide pause of operations on March 16, to conserve capital while it held discussions with potential funding sources and as it explored strategic opportunities. “The company does not currently intend to disclose further developments with respect to these discussions, unless and until its Board of Directors approves a specific transaction or other course of action requiring disclosure,” Virgin Orbit said in a statement. The stock had plummeted 60.0% amid a seven-day losing streak to close Tuesday at a record low of 44 cents, the longest losing streak since it fell for 10 straight sessions to Dec. 9, 2022. The stock has lost 76.0% year to date, while the S&P 500 SPX has gained 4.3%.
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