A delisting of Virgin Orbit stock is imminent. Shares are plummeting.

Virgin Orbit VORB –29.31% is in dire need of cash as the shares of its space-launch start-up VORB –29.31% are falling rapidly. From here on out, they shouldn't expect much improvement in their situation.

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The Nasdaq Stock Market has decided to delist the shares of the company, which was announced by the company on Monday evening. Stock trading is expected to be suspended on Thursday as a result of the strike. Although the delisting decision was appealed by the company, there is no indication that this week's suspension will be affected by the appeal process.

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The process of trading a stock that is not listed on a major exchange is more difficult. The Virgin Orbit stock (ticker: VORB), which trades at 13 cents in premarket trading, fell 22% in premarket trading. Futures on the Nasdaq CompositeCOMP -0.36% declined 0.2% while those on the S&P 500SPX +0.08% were flat.

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A string of negative reports have been coming out of the company recently, so the news comes as no surprise. Announcing on April 4 that it will be filing for bankruptcy, the company had already paused operations while seeking additional capital in mid-March, when it announced that it was going to file for bankruptcy. There was a problem with a Virgin Orbit mission in February that prevented it from reaching orbit. It was also reported that a mission launched in January did not reach orbit.

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The stock was trading at $1.61 a share before the mission in February, which was a slight drop from $1.69 a share before the mission in January. It is worth noting, however, that shares were at approximately $6.40 one year ago.

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According to the most recent filings for the company's third quarter, which are the most recent available, the company has an asset value of approximately $243 million. The number of liabilities and shareholder equity was about $153 million, while the amount of shareholder equity was about $89 million.

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The common shareholders are usually wiped out completely when a company files for bankruptcy protection.

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