Start-up space launch company Vector has run into financial trouble. In a statement released on 9 August 2019, Vector Launch Inc, announced that it was “undertaking a pause in operations” following a “significant change in financing”. This coincides with the replacement of Founder and CEO Jim Cantrell, with Co-Founder John Garvey. It has also been reported that employees of the firm have been locked out of its offices and been laid off.
Vector had until recently, been planning to conduct a sub-orbital test in the fourth quarter of the year, to be followed by their first orbital launch of their Vector-R small launch vehicle in Q1 2020. Vector had also just announced that it had received a US$3.4 million contract for the ASLON-45 spacecraft delivery mission from the US Air Force Space and Missile Systems Center.
Comment by David Todd: Critics of Vector have privately expressed doubts to Seradata about its technology, expertise and readiness. Nevertheless, these events have been a surprise to us and to the market given that Vector had been previously successful in raising financing and in gaining orders.