Nikola, Canoo, Virgin Orbit, and Rumble Stocks in Motion After-Hours

These are some of the stocks that are moving after the usual trading hours:

According to CNBC, Virgin Orbit's shares dropped 47% after the satellite corporation declared to their workers that they could no longer continue to run "for the foreseeable future" because they were incapable of obtaining the required funds for their satellite launch firm.

The blog section reported that the CEO of Virgin Orbit, Dan Hart, announced a major change during an all-hands meeting last Thursday. The company will be reducing its workforce by approximately 90%.

At the beginning of this month, the business had to put their employees on furlough because they were looking for a way to receive financial aid.

Nikola has just revealed their plans to sell $100 million worth of shares at a rate of $1.12 per share. However, as a result of this news, the value of the company's stock went down by as much as 18% during after-hours trading. The funds that will be gathered from this public offering will be used mainly for working capital and other general purposes related to the business. As of now, Nikola's shares have taken a hit of approximately 35% so far this year.

At the IAA Transportation fair happening in Hanover, Germany on September 20, 2022, a representative from the press is positioned behind a truck made by American manufacturer Nikola that is powered by hydrogen. The fair is not yet available to the general public. The photo is credited to Fabian Bimmer of REUTERS.

Nikola just revealed that they made an alliance to increase the utilization of electric Class 8 heavy truck operating systems. The business made public that their chief financial officer will be resigning as of next week.

Canoo has released its financial results for the last quarter, as well as resolving its legal dispute with the Securities and Exchange Commission regarding its SPAC merger. The SEC had been examining the validity of the clean energy vehicle company's business statements since the year 2021.

Canoo reduced its losses to 25 cents per share for the quarter and stated that it plans to expand production in 2023.

The world of electric vehicles has had a tough time lately, with businesses that are losing money experiencing some tough times. Canon's shares have unfortunately decreased by a massive 82% in the past year. Over the course of this year, though, the same share price has remained stable, not experiencing much change as other rapidly-growing and technological companies have experienced increases in value.

The stock price of Rumble increased by approximately 27%, as the online video sharing platform experienced growth in their monthly active users for the fourth consecutive quarter. Their reported revenue of $20 million exceeded analyst expectations by a large margin, which was originally estimated at $10.2 million.

So far this year, the shares have risen by 56%.

As a seasoned business journalist, Ines Ferre is currently affiliated with Yahoo Finance. You can stay updated with her latest stories by following her official Twitter handle @ines_ferre.

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