Virgin Orbit Holdings Inc. VORB, -17.20% on Monday said that the Nasdaq planned to delist its shares after the developer of space-launch systems filed for Chapter 11 bankruptcy protection last week and said it was looking for a buyer.
Trading will be suspended on April 13, although the company plans to appeal the decision. Shares fell nearly 16% after hours on Monday. Virgin Orbit has reportedly planned to halt operations and lay off around 85% of its staff, after it was unable to secure funding. Nasdaq also said Virgin Orbit is not compliant with listing guidelines because it has not yet filed its annual report.