Last night the studio's homepage went blank, with a lonely message: "This company was dissolved on June 30th 2012. We thank you truly for your patronage. This home page will close on July 31st 2012."
Project Sora was actually a subsidiary of Nintendo and a division of Sora Ltd. - Sakurai's company. It was planned that Project Sora would co-develop the new Super Smash Bros. with Namco Bandai, but as it stands it doesn't look like that will be the case. We expect Sakurai to still be around for the game.
There has been no official statement from the company, apart from what is on its website. The fate of the employees remains unclear.