Shares of Virgin Orbit Holdings Inc. on Wednesday dropped 35% to 66 cents in after-hours trading after the company said it is halting its operations, effective on Thursday.
The developer of space-launch systems expects to provide an update on its operational pause in the coming weeks, a company spokesperson said Wednesday.
The pause in operations comes two months after its first satellite mission failed in a launch from the U.K.
“Our investigation is nearly complete and our next production rocket with the needed modification incorporated is in final stages of integration and test,” the company spokesperson said.