(Reuters) -Rocket maker Virgin Orbit Holdings on Thursday said it was laying off about 85% of staff.
Richard Branson’s Virgin Group has a controlling interest in Virgin Orbit.
Shares of the company fell 50% in after hours trade.
About 675 employees will lose their jobs, and the company expects to take related charges of about $15 million, Virgin Orbit said in a regulatory filing.
(Reporting By Joey Roulette, editing by Peter Henderson)
