Insider Brief:
- Virgin Orbit Holdings, announced that it was notified that Nasdaq had determined to commence proceedings to delist the company’s common stock and warrants to purchase common stock as a result of the company’s commencement of voluntary proceedings under Chapter 11 of the United States Bankruptcy Code.
- Nasdaq also asserted that the company is not compliant with Listing Rule 5250(c)(1) because it has not yet filed its Annual Report for the fiscal year ended December 31, 2022.
- Virgin Orbit intends to appeal Nasdaq’s decision to delist the common stock and warrants.
PRESS RELEASE — Long Beach, California / April 10, 2023 / BUSINESS WIRE / — Virgin Orbit Holdings, Inc. (the “Company” or “Virgin Orbit”), a responsive space launch provider, announced today that it was notified by the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) that Nasdaq had determined to commence proceedings to delist the Company’s common stock and warrants to purchase common stock as a result of the Company’s commencement of voluntary proceedings under Chapter 11 of the United States Bankruptcy Code. Nasdaq also asserted that the Company is not compliant with Listing Rule 5250(c)(1) because it has not yet filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
Nasdaq informed the Company that trading in the Company’s 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, but pursuant to Nasdaq’s listing rules, such appeal will not impact the upcoming suspension of trading in the common stock and warrants, and such suspension will remain in effect unless Nasdaq determines to reinstate the securities as part of the Company’s appeal. The Company can provide no assurance that its appeal will be successful.
If the appeal is unsuccessful, it is expected that Nasdaq would file a Form 25 with the Securities and Exchange Commission (the “SEC”), which would remove the Company’s common stock and warrants from listing and registration on Nasdaq.
Contact Information:
Virgin Orbit
Alison Patch, Senior Director of Communications (US)
+1 949 616 2504
[email protected]
SOURCE: Business Wire
Featured image: Cosmic Girl and Launcher One. Credit: Virgin Orbit
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