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Innospace Aborts Test Flight of Multipurpose Suborbital Rocket Sebit; Shares Plunge 21%

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Innospace (KOSDAQ:462350) aborted the first test flight of its multipurpose suborbital rocket Sebit early after a trajectory anomaly was detected during flight, the aerospace company said in a Thursday release.

The test flight of Sebit, the single-stage rocket equipped with a three-ton-class hybrid rocket engine, was carried out at the Alcantara Space Center in Brazil on Wednesday.

The company will use the test flight data to verify Sebit's flight performance and operational stability.

Shares of Innospace plunged over 21% in recent trade.

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Innospace Aborts Test Flight of Multipurpose Suborbital Rocket Sebit; Shares Plunge 21% | FINWIRES