Stocks moving in after-hours: Nikola, Canoo, Virgin Orbit, Rumble
Here are some of today's after-hours movers:
Virgin Orbit (VORB)
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 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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