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Shares of Virgin Orbit (NASDAQ:VORB) rallied on Monday after the company announced that the initial window for its historic flight would officially open later in the day. The Start Me Up mission, named after the Rolling Stones song, marked the first international mission for the company and the first commercial launch from U.K. soil (or from anywhere in western Europe).
How it was supposed to work: A modified Boeing (BA) 747 dubbed Cosmic Girl hoped to send commercial and government satellites from several nations into space via "air launch," or launching a rocket from under the aircraft’s wing mid-flight.
Mayday! More than an hour after takeoff, its rocket suffered an "anomaly that prevented us from reaching orbit." Shares tumbled back to Earth - and then some - falling 8.5% during the session, and tumbling another 24% AH to $1.47.
It was only two months ago that Virgin Orbit (VORB) said in a filing that "our losses from operations and liquidity conditions raise substantial doubt regarding our ability to continue as a going concern."