Here are some of today's after-hours movers:
Virgin Orbit’s stock tanked 47% post market after the satellite company told employees it would cease to operate “for the foreseeable future” as the satellite launch company was unable to secure funding, according to CNBC.
The report cited CEO Dan Hart, who broke the news at an all-hands meeting on Thursday. Virgin Orbit will cut about 90% of its workforce.
Earlier this month, the company had furloughed employees, as it sought a funding lifeline.
Nikola announced a $100 million common stock offering at at a price of $1.12 per share. The battery- and hydrogen-powered electric truck maker's stock sank as much as 18% on the news in after-hours. Nikola said it intends to use the net proceeds from the public offering for working capital and other general corporate purposes. Shares are down about 35% year-to-date.
Nikola recently announced a partnership to expand the use of electric Class 8 heavy truck fleets. The company recently said its CFO would retire starting next week.
Canoo (GOEV)
Canoo announced its quarterly results and settled its case with the Securities and Exchange Commission over its SPAC merger. The SEC investigation into company statements about the clean energy auto startup's business had been going on since 2021.
Canoo narrowed its quarterly loss per share to 25 cents and said it looks to scale production in 2023.
It’s been a rough ride for the EV space, as cash-burning companies have taken a beating. Canon’s stock is down 82% over the last year. The stock is relatively flat year-to-date, as tech and high growth names have rallied.
Rumble’s stock spiked as much as 27% after the video sharing platform's global monthly active users grew for the fourth quarter. The company posted revenue of $20 million, way above analyst estimates of $10.2 million.
Year-to-date the stock is up 56%.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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Related Quotes
Virgin Orbit is laying off around 85% of its workforce in order to further reduce expenses, after the troubled space company said it was unable to secure additional funding to keep it afloat. The news, which Virgin Orbit filed with the U.S. Securities and Exchange Commission on Thursday, comes just two weeks after the company furloughed all employees and entered an “operational pause” in order to find more cash. Today’s filing confirms that Virgin was unable to find another lifeline.
Weeks after implementing a company-wide furlough, struggling space launch company Virgin Orbit officially calls it quits.
Bill Ackman, the founder of Pershing Square Capital Management, says “shutting down AI development for six months gives the bad guys six more months to catch up."
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Virgin Orbit Holdings on Thursday said it reduced its headcount by about 675 employees, about 85% of its workforce, to reduce expenses as it has been unable to secure meaningful funding. The company, which launches satellites, said it expects the workforce reduction to be substantially complete by April 3, according to a regulatory filing. A Virgin Orbit spokeswoman declined to comment.
Bed Bath & Beyond Inc was sued on Friday by Mark Tritton, who was ousted last June as chief executive of the troubled home goods retailer, in a complaint accusing the company of failing to honor his $6,765,000 severance agreement. According to the complaint filed in a New York state court in Manhattan, Tritton said Bed Bath & Beyond stopped making required bi-monthly payments in January, with its chief legal officer citing the need to preserve cash as the sole reason. In those discussions, Bed Bath & Beyond "conceded Tritton was (and is) entitled" to severance payments, under his agreement dated four days after he was replaced as chief executive, the complaint said.
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