Project Sora Hangs Up the Towel

Adding to the list of shut down developers once again is Project Sora. The studio was established in 2009 by Masahiro Sakurai as a spin-off from Sora Ltd. and their only game was Kid Icarus: Uprising for the Nintendo DS.
The Project Sora website has been stripped down to a paragraph stating that as of June 30th the company will be dissolved and that the website will be closed as of July 31st; they also thank everyone for their patronage so far.
This closure doesn’t seem to be an issue of money as Kid Icarus: Uprising shipped over 250,000 units worldwide in its first week. There has not been any further information about the closure and some are assuming the studio was only founded to develop Kid Icarus.
There is a lot of confusion around the web, so just to be clear; Project Sora was a spin-off development studio to that of Sora Ltd. (the developers of Super Smash Bros.) Although both were founded by Masahiro Sakurai Sora Ltd. will not be affected by this closure.
It was thought that Project Sora would take on the next iteration of Super Smash Bros after they had finished with Kid Icarus: Uprising. Instead the title for Wii U and Nintendo 3DS has been handed to Namco Bandai with Sakurai heading the project and Sora Ltd. is supervising.