MIDLAND, TX (KWES) - XCOR Aerospace says they are not shutting down in Midland.
Michael Blum, acting CEO for XCOR, was in Midland on Thursday and met with Midland Mayor Jerry Morales, the Midland City Council and former employees.
There were online reports that all employees were being let go by the company. However, we're told three employees will remain in Midland and will be paid on a contract basis. 10 other Midland employees have been let go as well as 11 others in California.
Blum said that meeting payroll was the highest expense and the company is focusing on raising capital and reducing the cost of access to space.
Blum said the company is in touch with the several hundred customers who have already bought space tickets.
We're told there is no timetable on the completion of the Lynx Space project vehicle that would send people to space.
We've learned that the money that the Midland Development Corporation gave to XCOR to come to Midland has already been spent, along with the money that XCOR allocated for themselves.
We will continue to follow the latest on this story as we learn more.