Shares of Virgin Orbit Holdings Inc. VORB, -4.72% tumbled after hours on Wednesday after CNBC reported that the developer of space-launch systems was halting operations for a week and furloughing all but a small portion of its staff as it seeks funding to prop up the company. Shares sank 32% after hours. CNBC said that executives for the company, founded by Richard Branson in 2017, notified employees about the decision on Wednesday. Those executives said they intended to update employees on the matter within roughly a week, CNBC said. Virgin Orbit did not immediately respond to a request for comment from MarketWatch.
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