(Reuters) -Richard Branson’s Virgin Orbit is furloughing nearly all its employees and pausing operations for a week as it looks for funding, CNBC reported on Wednesday, citing people familiar with the matter.
The satellite launch firm’s executives briefed employees on the situation in an all-hands meeting earlier in the day and told them that the company aimed to provide an update on the furlough and funding situation by next week, according to the report.
Virgin Orbit did not immediately respond to a Reuters request for comment.
Shares of the company dropped 8.9% to 92 cents in extended trading.
(Reporting by Eva Mathews in Bengaluru; Editing by Devika Syamnath)
