Billionaire Richard Branson’s satellite-launching company, Virgin Orbit, joins a growing list of space companies going public via SPAC deals.
On Monday, Branson confirmed that Virgin Orbit will be merging with SPAC NextGen Acquisition Corp II, seeking a $3.7 billion valuation. The transaction is expected to raise $483 million for the satellite-launch company, as well as a PIPE round to the tune of $100 million, which will be raised by various investors including Boeing and AE Industrial Partners.
The transaction is expected to be completed before the end of 2021, after which Virgin Orbit will trade on the Nasdaq under the ticker symbol VORB. Virgin Orbit is a spinoff of the billionaire’s space tourism company Virgin Galactic, and has been privately owned by his conglomerate Virgin Group. The company launches satellites into space using a modified Boeing 737 aircraft, via a process called air launch.
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