US EditionScottish rocket firm Orbex set to appoint administrators
Orbex's failure to secure Series D funding and unsuccessful takeover talks put over 150 Scottish jobs at risk as the company seeks options including asset sales.
- On Wednesday, Orbex revealed it is in the process of appointing administrators after filing a notice of intention, following unsuccessful fundraising and merger efforts.
- Orbex said its Series D funding round ultimately failed and several merger and acquisition opportunities were unsuccessful, leaving a scale-up funding gap requiring institutional support.
- Its 160 employees were informed on Wednesday, and over 150 jobs are under threat after last month Orbex entered talks to sell to The Exploration Company.
- The notice provides `short-term protection`, and Orbex said it will continue trading while exploring sale or rescue options to secure the best outcome for creditors, employees and wider stakeholders.
- Despite UK government support in recent years, the collapse risks undoing progress and the hundreds of skilled jobs Orbex brought to Scotland as it was on the cusp of Prime microlauncher test launches later this year.
18 Articles
18 Articles
UK launcher Orbex files for administration after failed funding efforts
MILAN — United Kingdom-based launch company Orbex announced that its business is folding after multiple attempts to stay solvent fell through. The company announced Feb. 11 that it has filed a notice of intention to appoint administrators — a process in the U.K. that’s similar to declaring bankruptcy — after fundraising, merger and acquisition efforts […] The post UK launcher Orbex files for administration after failed funding efforts appeared …
UK space rocket firm on brink of collapse – just months before first launch
Space rocket firm Orbex, which was 'on the cusp' of the first test launches of its microlauncher Prime later this year, says it will appoint administrators after failing to receive funding
Evening Standard
Space rocket company ‘on the cusp of launches’ to appoint administrators
Orbex said it will continue trading while all options for the future of the company are explored.
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