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Virgin Orbit set for NASDAQ launch

Published

3 years ago

August 24, 2021

Virgin Orbit is set to launch on the NASDAQ, following a merger with SPAC, NextGen Acquisition Corp

The satellite company owned by Richard Branson plans to merge with special purpose acquisition company, NextGen Acquisition Corp.

The merger, set to be completed by the end of 2021, will see Virgin Orbit list on the NASDAQ under the name “VORB.”

Richard Branson’s satellite launch firm, Virgin Orbit, to go public via SPAC merger!

Will you be investing in some shares? pic.twitter.com/MYwhIWTFju
— ticker NEWS (@tickerNEWSco) August 24, 2021

The deal will bring Virgin Orbit $483 million in new capital

$383 million will be stored in NextGen and $100 million from another round of funding. Virgin Orbit says of those investors in that round include Boeing but it’s unclear how much they’ve pitched in.

The $483 million will help Virgin Orbit ramp up “rocket manufacturing to meet customer demand, and to fund growth in its space solutions business and Virgin Orbit’s ongoing product development initiatives,” the company said in a press release.

“Our success in launch has driven the business forward, and now we expect this investment will enable us to build on our R&D efforts and our incredible team,”
Virgin Orbit CEO Dan Hart said in a statement.

Indications that Virgin Orbit would go public has been looming for months, mainly after reports emerged earlier this year that the company was shopping for a SPAC with which to merge, required the company to go public.

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