Posted: Mon, Aug 12, 2019, 4:03 PM ET (2003 GMT)
Small launch vehicle company Vector suspended operations and replaced its CEO Friday because of financial problems. In a statement late Friday, the company said that because of a "significant change in financing," the company was pausing operations. The company also said that founding CEO Jim Cantrell left the company, replaced by John Garvey. The announcements came after reports, including social media postings, that the company had closed its three offices, affecting at least 150 employees. Vector is one of dozens of companies working on small launch vehicles and had raised about $100 million to date, but had yet to attempt an orbital launch of its Vector-R rocket. The company won an Air Force contract last week for a launch of several smallsats in 2021.
