Virgin Orbit Holdings Inc VORB shares are falling Tuesday morning after the company's first attempt to launch satellites from British soil failed.
What Happened: Virgin said the satellites reached space late Monday, but ultimately fell short of reaching target orbit.
Cosmic Girl, the customized 747 that serves as the LauncherOne system's carrier aircraft, successfully released the rocket, which made it to space. The flight then continued through successful stage separation and ignition of the second stage before the system "experienced an anomaly," ending the mission prematurely.
"We will work tirelessly to understand the nature of the failure, make corrective actions, and return to orbit as soon as we have completed a full investigation and mission assurance process," said Dan Hart, CEO of Virgin Orbit.
Shares of sister company Virgin Galactic Holdings Inc SPCE are sliding as well. Both Virgin Orbit and Virgin Galactic were founded by billionaire Richard Branson. Virgin Orbit went public via SPAC in 2021 after being spun off from the space tourism company. Virgin Orbit focuses on satellite launches.
See Also: US Stocks Show Tentativeness On Tuesday As Traders Wait On Word From Fed Chair Jerome Powell
VORB Price Action: Virgin Orbit has a 52-week high of $11.28 and a 52-week low of $1.60.
The stock was down 21.8% at $1.51 at time of publication, according to Benzinga Pro.
Photo: courtesy of Virgin Orbit.
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