Richard Branson's Virgin Orbit has introduced it is going to be shutting down.

It comes just a few months after a space mission led to disappointment, when a rocket carrying the primary satellites launched from the UK failed to succeed in orbit and was misplaced.

On Tuesday, the agency revealed it was closing down after its belongings have been bought for $36.4m (£29 million).

An settlement was additionally made to promote the majority of its Long Beach, California, headquarters to a small-launch agency referred to as Rocket Lab USA.

According to a courtroom submitting, Rocket Lab received the Virgin Orbits major manufacturing web site for $16m.

The buy settlement included equipment and tools that had been used to fabricate Virgin Orbits flagship LauncherOne rockets.

The rocket - which started operational flights in 2021- was air-launched from the stomach of a modified Boeing 747.

The California-based agency put out a press release thanking its staff and different stakeholders.

Virgin Orbit stated it will promote its belongings to a complete of 4 successful bidders and finish operations.

"The combined total proceeds were determined by a rigorous and competitive auction which maximizes value for the estate and minimises the remaining duration of the Company's restructuring," the assertion stated.

"Virgin Orbit's legacy in the space industry will forever be remembered."

Part of the broader Virgin Group, the agency was based by billionaire Richard Branson and is an organization throughout the Virgin Group.

A timeline of occasions

2017: The firm was first fashioned.

May 2020: LauncherOne - the rocket - fails to succeed in orbit on its first launch.

January 2021: LauncherOne turns into the primary Virgin Orbit spacecraft to succeed in orbit efficiently.

June 2021: The rocket LauncherOne delivers its first business payload to area.

January 2022: LauncherOne delivers seven CubeSats for 3 clients into orbit.

July 2022: LauncherOne flies a profitable mission.

January 2023: LauncherOne failed to succeed in orbit from the UK at Spaceport Cornwall.

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In March, Virgin Orbit introduced it will be shedding 85% of a few of its 750 staff.

The firm then filed for Chapter 11 chapter safety in early April.

The agency additionally plans to promote its plane belongings, together with the modified Boeing 747 Cosmic Girl service plane to Stratolaunch for 17 million {dollars}.

Its major launch web site might be bought to spacecraft start-up Launcher Inc.