Denver Business Journal By Andrew Dodson 1/7/2019
Shares of Maxar Technologies tumbled Monday morning on news that its WorldView-4 satellite failed and the company doesn’t believe it can be recovered.
Officials with the Westminster-based company said the satellite, which was acquired by GeoEye prior to its merger with DigitalGlobe in 2013, “experienced a failure in its control moment gyros,†which prevents the satellite from collecting images. The company has been working with suppliers to restore the satellite’s functionality, but those efforts haven’t been successful.
“At this time, Maxar believes that WorldView-4 will likely not be recoverable and will no longer produce useable imagery,†according to a company statement.
Shares of Maxar (NYSE: MAXR) were trading at $8.03 as of 2 p.m. on Monday. Those shares were trading at $63.63 on Jan. 8, 2018.
More:
https://www.bizjournals.com/denver/news/2019/01/07/maxar-technologies-failed-satellite.html?ana=yahoo&yptr=yahoo
