Bad news for two different companies. As we have all heard: Getting to space is hard. Good luck to them in the future.
VO was always a pretty risky idea. First order its quite clever, but get into The Real Work and it was always going to be tough to close the business model. I guess hindsight could be a bit of a cloud on this, but (as I've babbled on before here) small launchers were always a long shot at success. The only way they make sense is to have a rocket that a) is big enough to launch something meaningful into space (so, not Electron or Astra), b) can launch frequently enough to be a viable constellation solution (so, ~tens of times a month, as Astra aspires to), and c) is financially competitive with the 5m class (which you pretty much can only achieve through mega high volume). Put another way, a small vehicle with the launch rate of a 5m class vehicle is commercially unsustainable.
As goofy as Branson is I'm actually a little surprised he got roped into this venture. While I think he's willing to take more risks than others, I generally think he's pretty thorough with due diligence. ...but maybe it wasn't a big financial load for him to sign on vs the <ahem> upside" of being another meglomaniac-billionaire-with-a-rocket? Maybe his 747 was a mad write-off? Maybe he was clairvoyant enough to see that the future would rain SPAC money on anyone that could spell R-O-C-K-E-T?
Bummer for ABL, same story on small launchers. I think they have a vague roadmap for a 5m vehicle (vs, say, Relativity that's actively building the 5m and are only planning on launching a few of their smaller vehicles), but I think the market is going to OBE them before they can get there.