Virgin Orbit to Go Public Via Acquisition by NextGen Acquisition Corp II SPAC, Virgin Orbit Was Founded by Richard Branson

Author: Luke J Jacobi | August 23, 2021 07:02am

• Virgin Orbit has entered into a definitive agreement to become publicly traded on Nasdaq through a business combination with NextGen Acquisition Corp. II (NASDAQ:NGCA) that values Virgin Orbit at $3.2 billion
• Virgin Orbit's highly differentiated air launch technology enables satellite launches at any time, from any place, and to any orbit
• Virgin Orbit has rapidly moved into successful commercial operations with three launches in just thirteen months and a 100% success rate on revenue-generating missions
• Business Combination is being accompanied by a $100 million fully-committed PIPE led by strategic and institutional investors including Boeing and AE Industrial Partners, in addition to existing Virgin Orbit investors and NextGen
• Business combination and PIPE transaction will provide up to $483 million in growth capital (assuming no redemptions) to further scale rocket manufacturing to meet customer demand, and to fund growth in its space solutions business and Virgin Orbit's ongoing product development initiatives
• Combined company's common stock expected to trade on the Nasdaq under the symbol "VORB"upon closing; business combination expected to be completed around the end of the year

Posted In: NGCA