Virgin Orbit Holdings Inc prep Shares are trading up 41.84% at $0.20 on Friday morning after reports that the company is suspending operations for the foreseeable future and is shedding nearly 90% of its workforce.

The stock is also down about 80% after the company announced a company-wide pause in operations earlier this month to conserve capital while it discusses potential funding sources and explores strategic opportunities.

See also: Richard Branson’s Virgin Orbit is raising nearly $11 million to help pay for layoffs

So 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.

Proceeds would be used to pay severance pay to the 675 employees who were laid off Thursday…Continue reading

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