Richard Branson’s Virgin Orbit Closes SPAC Reverse Merger, Misses Fundraising Target

Richard Branson’s aerospace firm Virgin Orbit took its Nasdaq flight on Thursday. The firm’s parent company, Vieco USA, closed the previously announced business combination deal with special purpose acquisition company NextGen Acquisition Corp. II (Nasdaq: VORB).

However, the merger was met with a lukewarm reaction from the market as it only manages to raise US$228 million out of its fundraising target of US$483 million. This came in even after the Virgin Group announced a US$100 million additional PIPE investment days prior to the debut.

The blank check firm closed its US$350 million initial public offering in March 2021, offering 35 million company units at US$10.00 per unit. The company had said it planned to pursue a business combination with a firm in the industrial, technology, and healthcare sectors.

Following the closing of the deal, NextGen Acquisition changed its name to Virgin Orbit Holdings, Inc. while shares and warrants started trading on the Nasdaq big board under symbols “VORB” and “VORBW”, respectively.

Branson is expected to ring the Nasdaq opening bell on January 7, 2022.

Virgin Orbit last traded at US$9.14 on the Nasdaq.


Information for this briefing was found via Edgar, Financial Times, and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

Singapore-Based A SPAC I Acquisition Prices US$60 Million IPO

Special purpose acquisition company A SPAC I Acquisition Corp. started trading on the Nasdaq Capital...

Tuesday, February 15, 2022, 02:19:00 PM

Healthcare SPAC DTRT Health Acquisition Prices US$200 Million IPO

Blank check company DTRT Health Acquisition Corp. (Nasdaq: DTRTU) went public today on the Nasdaq...

Thursday, September 2, 2021, 12:57:00 PM

Ex-Sony Entertainment CEO-Led Gaming SPAC PowerUp Acquisition Prices Upsized US$250 Million IPO

Special purpose acquisition company PowerUp Acquisition Corp (Nasdaq: PWUPU) started trading publicly on the Nasdaq...

Friday, February 18, 2022, 02:26:00 PM

Health SPAC CHW Acquisition Upsizes IPO To US$110 Million

Special purpose acquisition company CHW Acquisition Corporation (Nasdaq: CHWAU) went public on the Nasdaq Capital...

Wednesday, September 1, 2021, 11:19:00 AM

Gaming SPAC UTA Acquisition Prices US$200 Million IPO

Special purpose acquisition company UTA Acquisition Corporation (Nasdaq: UTAAU) started trading publicly on the Nasdaq...

Thursday, December 2, 2021, 02:17:00 PM