Virgin track announced shutdown, employees took unpaid leave, and shares fell more than 50% in after-hours trading.

CTOnews.com, March 16 (Xinhua) according to CNBC, shares of Virgin Orbit, the private aerospace company owned by billionaire Richard Branson (Richard Branson), fell by more than 50% in after-hours trading. The company had previously announced that its business had completely shut down due to financing problems and that almost all its employees would take unpaid leave.

As of CTOnews.com, the company was down about 35.64% in after-hours trading, with a market capitalization of $340 million.

At a plenary meeting at 5pm EDT on Wednesday, company executives said all but one team had taken time off and suspended operations for a week to find a new "capital lifeline".

According to the latest results, the company had $71.2 million in cash on hand at the end of the third quarter, with an adjusted EBITDA loss of $42.9 million, and has since raised about $55 million through debt raised by Richard Branson's Virgin Group subsidiary.