Virgin Orbit Holdings Inc. VORB on Monday said that the Nasdaq planned to delist its shares after the developer of space-launch systems filed for Chapter 11 bankruptcy protection last week and said it was looking for a buyer. Trading will be suspended on April 13, although the company plans to appeal the decision. Shares fell nearly 16% after hours on Monday. Virgin Orbit has reportedly planned to halt operations and lay off around 85% of its staff, after it was unable to secure funding. Nasdaq also said Virgin Orbit is not compliant with listing guidelines because it has not yet filed its annual report.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
