Why Virgin Orbit Stock Crashed 30% Today
Small rocket launcher Virgin Orbit Holdings (NASDAQ: VORB) imploded on Thursday. The troubled space stock crashed 31.7% through 11:20 a.m. ET after announcing it's putting essentially all of its workers on unpaid leave.
And I hate to say I told you so -- but I really did tell you so.
With the company still reeling from news of a failed rocket launch in January (its second failure out of six total launches), cash reserves dwindling, and its cash flow statement a flaming furnace of cash burn ($233 million consumed over the past year), I warned investors in February that Virgin Orbit was on its last legs and that "absent an inflow of cash, or revenue from some successful rocket launches, the company might not survive another year."
Source Fool.com
