Firefly Aerospace has agreed to purchase bankrupt Virgin Orbit’s remaining assets for $3.8 million, marking an end to company founder Richard Branson’s ambitious effort to become a leading provider of satellite launch services.

Virgin Orbit spent well over $1 billion developing a launch system that produced only tens of millions in revenues before the company went bankrupt. Richard Branson’s launch provider recently auctioned off most of its assets for just under $36.5 million and announced it would be shutting down for good.

Virgin Orbit (OTCMKTS: VORBQ) has received approval from the Delaware Bankruptcy Court to proceed with a sale later this month that could see a new owner in charge by early June. The company also released its 2022 financial results, which include data that chronicle its downward spiral.

The Virgin Group is looking to sell bankrupt launch provider Virgin Orbit next month, according to court documents.

Richard Branson’s cash strapped launch company Virgin Orbit announced on Thursday that it will shut down and lay off 675 of its 775 employees after failing to secure “meaningful funding” over the past two weeks. CEO Dan Hart made the announcement during an employee all-hands meeting on Thursday afternoon.

Shares of Richard Branson’s Virgin Orbit (NASDAQ: VORB) plunged again on Monday amid a report that negotiations with two separate investors had broken down during the three previous days.

Virgin Orbit stock rose by about 60 percent to $0.72 on Wednesday after Reuters reported that the company is negotiating a $200 million investment from Matthew Brown Companies to bring Richard Branson’s struggling launch provider back to full operations.

WASHINGTON — During a panel discussion at Satellite 2023 Conference on Wednesday afternoon, United Launch Alliance (ULA) CEO Tory Bruno predicted there would be a shake out among small launch providers over the next 24 months that could leave only one or two companies standing. CNBC reports that process might have already begun earlier in the day with Richard Branson’s struggling launch provider.

Virgin Galactic CEO Michael Colglazier had reason to be upbeat during the company’s earnings call last week. The company’s mothership, VMS Eve, had flown back to Spaceport America the day before following a 16-month overhaul at the Mojave Air and Space Port at Rutan Field in California.

Richard Branson has put another $5 million into Virgin Orbit (NAS: VORB) this week, raising to $60 million the amount the billionaire has put into the struggling launch provider over the past four months.