Reuters reports that Virgin Orbit “filed for Chapter 11 bankruptcy on Tuesday after the satellite launch company failed to secure the long-term funding needed to help it recover from a January rocket failure.” The company is seeking a sale of its assets after laying off almost 90% of its employees last week, with the assets having a listed value of $243 million and debt of $153.5 million as of September 30. The company suffered a rocket failure earlier this year and then failed to find necessary funding, which caused the layoffs last month.
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Tag: Files for
Beta Technologies Files for U.S. IPO
Reuters reports, “Electric aircraft maker Beta Technologies filed for an initial public offering in the United States on Monday, the latest company to join the rush to tap a record-breaking bull run in the equity market. Easing trade tensions, robust stock markets and pent-up investor demand have combined to create one of the busiest windows for listings in years, with technology, aerospace and green energy firms leading the charge.”
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