Forres-based rocket developer Orbex is on the brink of entering administration, with 154 Moray jobs on the line.
The firm previously halted construction on its £17million Sutherland Spaceport in the Highlands, and is now blaming failing to secure investment for no longer being able to continue operations.
The Press and Journal reports Orbex failed to secure a new round of Series D funding. and merger and takeover talks also collapsed.
Last ditch attempts to find a potential buyer are still ongoing, but administrators will takeover the company and its assets if none is found.
Chief executive Phil Chambers said: “Disappointing doesn’t come close to describing how we feel about this moment."
He added: “We have worked tirelessly to try to find both funding or rescue solutions."
Read the full story in the P&J.