In a statement on the space news blog parabolicarc.com, the company says “adverse financial conditions” led to the decision, adding that all critical employees have been retained on a contractual basis in order to “maintain the company’s intellectual property…”
The company has also announced it has laid off the remaining employees at its Mohave, Calif. site.
The announcement comes after CEO Jay Gibson announced he was leaving the company last month after President Donald Trump nominated him for role with the Department of Defense.
Gibson told the Midland Reporter-Telegram that he left XCOR on June 27 and has not been involved with the company since.
“We had our challenges and had everything committed and our runway ahead of us,” Gibson said.
According to the Midland Reporter-Telegram, the aerospace company and the Midland Development Corp. made a $10 million deal to spur economic development in Midland by creating 100 jobs.
Nearly a year ago, reports parabolicarc.com, XCOR laid off roughly 25 employees — approximately half of its workforce at the time.