Monday, August 23, 2021

Virgin Orbit To Go Public Through SPAC

Long Beach-based Virgin Orbit, the satellite launch technology company which is related to Sir Richard Branson's Virgin Galactic space tourism business, says it will become a publicly traded company through a Special Purpose Acquisition Company (SPAC). According to Virgin Orbit, it will become a publicly traded company on the Nasdaq by merging with NextGen Acquisition Corp. II , which trades on the Nasdaq as NGCA. The company said the deal will value Virgin Orbit at $3.2 billion. Virgin Orbit said the deal is linked to a $100M PIPE, which is being led by Boeing and AE Industrial Partners, existing investors, and NextGen. The company said the go-public deal will provide it with up to $483M in growth capital to further scale its rocket manufacturing efforts. Virgin Orbit said that, once complete, it will start trading under the symbol VORB.