- — Virgin Orbit To Shut Down After Failing To Find A Financial Lifeline
![[*]](img/ib-star_nm.png "mark favorite")
![[+]](img/ib-marked_nm.png "mark as new")
![[-]](img/ib-markold_nm.png "mark older as read")
![[x]](img/ib-delete_nm.png "delete article")
![[A+]](img/ib-fontbg_nm.png "larger font")
![[a-]](img/ib-fontsm_nm.png "smaller font")
![[l]](img/ib-link_nm.png "direct link")
at 3/30/23 4:40pmRichard Bransons cash strapped launch company Virgin Orbit announced on Thursday that it will shut down and lay off 675 of its 775 employees after failing to secure meaningful funding over the past two weeks. CEO Dan Hart made the announcement during an employee all-hands meeting on Thursday afternoon. Virgin Orbit will have approximately $15 million in layoff costs, including $8.8 million in employee severance payments and benefits and $6.5 [] The post Virgin Orbit To Shut Down After Failing To Find A Financial Lifeline appeared first on Parabolic Arc.- — Space Business Briefs: Starlink Problems, Investments, Contract Awards, Mission Updates
-
![[-]](img/ib-mark_nm.png "mark as read")
at 3/29/23 6:09pmStarlink is having problems, ISAR just raised $165 million, and Boeings Starliner is delayed again. SpaceX has been experiencing unspecified problems with the 21 advanced Starlink V2 Mini broadband satellites launched on Feb. 27. “Lot of new technology in Starlink V2, so we’re experiencing some issues, as expected, Some sats will be deorbited, others will be tested thoroughly before raising altitude above Space Station,” CEO Elon Musk tweeted. Starlink V2 [] The post Space Business Briefs: Starlink Problems, Investments, Contract Awards, Mission Updates appeared first on Parabolic Arc. - — Space SPAC Index: Uncertain Futures And Delisting Notices Loom
- at 3/28/23 2:21pmIt is the worst of times for launch providers Virgin Orbit and Astra Space, whose futures could be decided in the next week. And two satellite operators Momentus and Astra Space have received delisting warnings from their respective stock exchanges. On that dour note, lets dive right into this weeks S-SPACi. A Tale of Two Launch Providers Richard Bransons Virgin Orbit (NAS: VORB) is desperately trying to find [] The post Space SPAC Index: Uncertain Futures And Delisting Notices Loom appeared first on Parabolic Arc.
- — Virgin Orbit Stock Plunges on Reported Collapse of Investment Deals
- at 3/27/23 4:27pmShares of Richard Bransons Virgin Orbit (NASDAQ: VORB) plunged again on Monday amid a report that negotiations with two separate investors had broken down during the three previous days. Shares plunged 33% to $0.54 in regular trading on Monday. They sunk an additional 10% to $0.48 in after-hours trading. Texas-based venture capitalist Matthew Brown had confirmed last week that he had been negotiating a $200 million deal that would have [] The post Virgin Orbit Stock Plunges on Reported Collapse of Investment Deals appeared first on Parabolic Arc.
- — South Korean Startup Launches Suborbital Rocket
- at 3/27/23 2:22amSouth Korean startup Innospace conducted a successful maiden launch of its HANBIT-TLV suborbital rocket on March 19, taking a major step toward the development of a family of orbital boosters. The boosters payload was the SISNAV inertial navigation system built by the Brazilian Air Force’s Department of Aviation Science and Technology. Innospace did not reveal what altitude HANBIT-TLV reached after liftoff from Brazils Alcantara Launch Center on March 19. Hanbit-TLV [] The post South Korean Startup Launches Suborbital Rocket appeared first on Parabolic Arc.
- — Launches: OneWeb to Provide Global Service, Chinese Rocket to Debut
- at 3/27/23 2:01amOneWeb said it can now offer global broadband service following the launch of 36 satellites aboard an Indian LVM III booster on Sunday. Relativity Space looked on the bright side following the failed maiden launch of its new Terran 1 booster. And a new Chinese rocket is set to debut this week. ISRO launched 36 OneWeb satellites aboard a LVM III rocket from the Satish Dhawan Space Centre. The 18th [] The post Launches: OneWeb to Provide Global Service, Chinese Rocket to Debut appeared first on Parabolic Arc.
- — SEC Charges New Shepard Spaceflight Auction Winner With Cryptocurrency Fraud
- at 3/24/23 1:21pmThe Securities and Exchange Commission (SEC) has charged the winner of an auction to fly to space aboard New Shepard in 2021 with fraud related to his cryptocurrency business. The commission also charged eight celebrities with related violations. The SEC charged Justin Sun and three of his wholly-owned companies Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. (formerly BitTorrent) with fraud and other securities law violations for [] The post SEC Charges New Shepard Spaceflight Auction Winner With Cryptocurrency Fraud appeared first on Parabolic Arc.
- — Blue Origin: New Shepard Crashed Due to Engine Nozzle Failure
- at 3/24/23 12:25pmBlue Origin’s New Shepard suborbital rocket crashed during a flight last September due to the structural failure of the vehicle’s BE-3 engine nozzle caused by excessive operating temperatures, the company announced on Friday. “The resulting thrust misalignment properly triggered the Crew Capsule escape system, which functioned as designed throughout the flight. The Crew Capsule and all payloads onboard landed safely and will be flown again,” the company said in a [] The post Blue Origin: New Shepard Crashed Due to Engine Nozzle Failure appeared first on Parabolic Arc.
- — Terran 1 is Sixth Launch Failure in Four Months
- at 3/23/23 12:30pmThe failure of Relativity Space's Terran 1 booster was the six launch mishap in the last four months -- and the fourth by a booster on its first flight. The post Terran 1 is Sixth Launch Failure in Four Months appeared first on Parabolic Arc.
- — Terran Orbital’s Revenue Soared 130 Percent in 2022
- at 3/22/23 1:09pmTerran Orbitals (NYSE: LLAP) revenue soared 130 percent from $40.9 to $94.2 million last while its net loss rose from $139 million to $164 million, the company reported on Tuesday. The satellite manufacturers year-over-year adjusted EBITDA loss increased from $26.1 million to $69.5 million. Terran Orbitals revenue increased as it delivered a record 19 satellites last year, including 10 satellite buses for the Space Development Agencys Transport Layer. The satellites, [] The post Terran Orbitals Revenue Soared 130 Percent in 2022 appeared first on Parabolic Arc.
- — Report: Virgin Orbit Eyes $200 Investment, Some Employees to Return to Work
- at 3/22/23 11:35amVirgin Orbit stock rose by about 60 percent to $0.72 on Wednesday after Reuters reported that the company is negotiating a $200 million investment from Matthew Brown Companies to bring Richard Bransons struggling launch provider back to full operations. Virgin Orbits board agreed to move forward with the deal at a meeting held on Tuesday, according to a person with direct knowledge of the matter. Under the deal, Matthew Brown [] The post Report: Virgin Orbit Eyes $200 Investment, Some Employees to Return to Work appeared first on Parabolic Arc.
- — NASA Nixes Suborbital Training Flights for Astronauts
- at 3/22/23 9:23amNASA has nixed the idea of suborbital training flights for its astronauts aboard vehicles launched by Blue Origin and Virgin Galactic. Chris Gerace, manager of NASA’s Suborbital Crew program, told attendees at last months Next-generation Suborbital Researchers conference that the space agency had evaluated its program and decided the suborbital training flights dont meet the needs of astronauts heading to the International Space Station or the moon. Astronauts train for [] The post NASA Nixes Suborbital Training Flights for Astronauts appeared first on Parabolic Arc.
- — Space SPAC Index: Virgin Orbit Faces Possible Bankruptcy, Astra Could be Delisted
- at 3/21/23 2:10pmWelcome to S-SPACi. A pair of struggling launch provider SPACs Virgin Orbit and Astra Space are hoping to stay in business in the weeks ahead. Virgin Orbit Seeks Buyer Virgin Orbit (NAS: VORB) is seeking a financial lifeline after pausing operations furloughing almost all its staff and pausing operations last Wednesday. The operational pause is schedule to run through today. CNBC reports that one buyer balked at paying [] The post Space SPAC Index: Virgin Orbit Faces Possible Bankruptcy, Astra Could be Delisted appeared first on Parabolic Arc.
- — SpaceX, Lynk, Iridium and Others Race to Connect Satellites to Cell Phones
- at 3/13/23 8:57pmWASHINGTON A race is on to provide direct, global connectivity between satellites and individual cell phones. However, the major players disagreed on how long it could take to fully tap into the market during a panel discussion at the Satellite 2023 Conference on Monday. Lynk Co-founder and CEO Charles Miller said his company has gotten there first. Lynk has the only direct from satellite-to-cell phone license from the Federal [] The post SpaceX, Lynk, Iridium and Others Race to Connect Satellites to Cell Phones appeared first on Parabolic Arc.
As of 3/31/23 7:44pm. Last new 3/30/23 11:22am.
- Next feed in category: Tech Dirt