© Reuters. Virgin Orbit (VORB) stock tumbles 20% as ‘historic’ UK mission falls short of orbit
By Senad Karaahmetovic
Shares of Virgin Orbit (NASDAQ:) are down more than 20% in pre-market trading after the company said its U.K. mission reached space but failed to reach its target orbit.
The “historic” U.K. mission failed after Richard Branson’s satellite company said “an anomaly” prevented it from reaching orbit.
“At some point during the firing of the rocket’s second stage engine and with the rocket travelling at a speed of more than 11,000 miles per hour, the system experienced an anomaly, ending the mission prematurely,” VORB said in a statement.
The company’s CEO Dan Hart said Virgin Orbit is “mindful that we failed to provide our customers with the launch service they deserve.”
Be the first to comment