• Virgin Orbit Holdings Inc (NASDAQ: VORB) shares have dropped 27% in pre-market following its failed space mission from the United Kingdom.
• The mission was meant to launch from Newquay, England to deliver nine satellites to earth’s orbit.
• The rocket was released and fired its engine but an anomaly was detected and the mission failed.
Virgin Orbit Holdings Inc (NASDAQ: VORB) has experienced a sharp decline in its share price following its failed space mission from the United Kingdom. The mission was meant to launch from Newquay, England and deliver nine satellites to earth’s orbit. However, the spacecraft experienced an anomaly which caused it to abort the mission.
Virgin Orbit makes use of modified 747 jets to deliver its satellites to space. The company releases its attached rockets mid-air, a unique way of launching these space crafts into space. The rocket released had been fitted with the necessary components and was successfully fired. Virgin Orbit tweeted after the launch saying the rocket „successfully reached Earth orbit.“
Unfortunately, the mission failed and the company had to delete the tweet and make a statement that an anomaly had been detected and the mission had failed. The news of the mission’s failure did not augur well with the firm’s investors as reflected in its stock performance.
The mission failure is a major setback for the company and its shareholders. Virgin Orbit is now working to investigate the cause of the anomaly and plans to relaunch the mission soon. The company is confident that with the necessary modifications, the mission can be successful. Investors are yet to see how the company will respond to the mission failure and what steps it will take to ensure the mission is successful in the future.