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Why Virgin Orbit Stock Is Plunging Today

Author: Akanksha Bakshi | April 11, 2023 12:52pm

Virgin Orbit Holding, Inc (NASDAQ:VORB) shares are down 31% today after receiving a delisting notice.
As a result of the commencement of voluntary proceedings under Chapter 11 of the United States Bankruptcy Code, Virgin Orbit Holding has been notified by the Listing Qualifications Department of NASDAQ to commence proceedings to delist its common stock and warrants to purchase common stock.
Nasdaq also asserted that VORB is in violation of Listing Rule 5250(c)(1) because it has yet to file its Annual Report on Form 10-K for the fiscal year ending December 31, 2022.
Also Read: Virgin Orbit's Legal Showdown: Bankruptcy Triggers Threat of Action Against Prospective Investor
Nasdaq informed VORB that trading in its common stock and warrants would be suspended at the opening of business on April 13, 2023.
The Company intends to appeal Nasdaq's decision to delist the common stock and warrants.
Price Action: VORB shares are trading lower by 31.30% at $0.12 on the last check Tuesday.

Posted In: VORB