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Branson's Virgin Orbit halts work amid cash woes

STORY: Virgin Orbit paused operations from Thursday (March 16) due to a lack of money.

Richard Branson's satellite-launch firm said it was in talks for potential funding, and exploring strategic opportunities.

A source told Reuters Virgin Orbit had furloughed nearly all of is employees.

They added that CEO Dan Hart told a staff meeting the furlough aimed to buy time for the company to finalize a new investment plan.

It hopes that can drag it out of its financial problems.

The operational pause is expected to run until March 21.

While shares in the firm plummeted by almost by a half in U.S. premarket trading on Thursday (March 16).

In January, Virgin Orbit's LauncherOne rocket failed on its first launch from the UK.

The company has vowed to try again, but the mission failure deepened the company's financial troubles.