British entrepreneur Richard Branson‘S Virgin Orbit Holdings Inc (NASDAQ:prep) Raised $10.9 million out of Virgin Investments Limited on the issuance of a senior secured convertible bond to pay severance payments to laid-off employees.
What happened: Virgin Orbit raised $10.9 million from Branson’s investment arm through the issuance of convertible senior secured notes, the company said in an SEC filing. The proceeds would be used to pay severance pay to the 675 employees laid off Thursday.
Company laid off 85% of its workforce to cut costs after failing…
Full story available at Benzinga.com
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