Nasdaq tells Virgin Orbit trading of common stock to be suspended on April 13

According to a regulatory filing, on April 4, 2023, Virgin Orbit Holdings was notified by the Listing Qualifications Department of The Nasdaq Stock Market LLC that Nasdaq had determined to commence proceedings to delist the company’s common stock, par value $0.0001 par per share, and the company’s warrants to purchase Common Stock from Nasdaq. Nasdaq reached its decision that the company is no longer suitable for listing pursuant to Nasdaq Listing Rules 5101, 5110(b), and IM-5101-1 as a result of the company’s commencement of voluntary proceedings under Chapter 11 of the United States Bankruptcy Code on April 4, 2023. Nasdaq also asserted that the company is not compliant with Listing Rule 5250(c)(1) because the company has not yet filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. Nasdaq informed the company that its 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, which would remove the company’s Common Stock and Warrants from listing and registration on Nasdaq.