The satellite launch company halted operations weeks ago but it hopes to find a buyer for the business.
The company, based in California, announced last week that it would cut 85% of its 750-strong workforce.
Earlier this year, a Virgin Orbit rocket failed to complete its first-ever satellite launch from UK soil.Virgin Orbit's boss Dan Hart said that although the company had "taken great efforts" to address its finances and secure more funding, "we ultimately must do what is best for the business."
He said that Virgin Orbit will now concentrate on finding a buyer for the business "to provide clarity on the future of the company to its customers, vendors, and employees".
Virgin Orbit was founded in 2017 and is a spin-off from Sir Richard's space tourism company Virgin Galactic.
It launches rockets from beneath modified Boeing 747 planes to send satellites into space.
But in January, an attempt to send a satellite into orbit from the UK for the first time failed because a rocket fuel filter had become dislodged, causing one of the engines to overheat.