The company confirmed that Virgin Orbit will merge with an SPAC (special purpose acquisitions company) to make it public. Virgin Orbit will receive $483 million cash and a $100 million PIPE at closing. The combined enterprise is valued at $3.2 billion. If and when the transaction is completed, the combined company will trade on the NASDAQ under the ticker VORB.
In June, CNBC reported that such a deal was in the works, and it’s been a popular exit option for private space startups in recent months. Rocket Lab’s SPAC merger has been approved. It will begin trading Wednesday. Richard Branson, Virgin Galactic was also the first major SPAC deal to be announced.
Virgin Galactic is a company that flies people into suborbital space. Virgin Orbit transports satellite payloads to lower Earth orbits using the same technology. Before they split, Virgin Galactic was a single business. Both Virgin Galactic and Virgin Orbit made significant progress this year, achieving milestone flights, including a first full crew space launch for Galactic, and a first commercial satellite payload delivery mission for Orbit.
Virgin Orbit’s LauncherOne rocket is launched from the wings of a modified 747 airplane. This aircraft acts as the fully-reusable first stage in the entire launch system. VOX Space, a subsidiary of Virgin Orbit, is a launch service provider for the National Security Launch Market.
NextGen is the blank check company Virgin Orbit will merge with in order to close this transaction. It is headed by a former Goldman & Sachs Partner and will offer up to $383million in cash, based on funds it has in trust, when the merger is completed.
Publiated at Mon, 23 August 2021 11:26.05 +0000