Virgin Orbit Goes Through the Process with NextGen to go Public

4th Sep 2021
Virgin Orbit Goes Through the Process with NextGen to go Public

Virgin Orbit will shortly become a publicly-traded company. Sir Richard Branson has recently made this decision. His first company that got listed on NASDAQ was Virgin Galactic, and Sir Richard hopes that its offspring will do well too. To compare, Virgin Galactic is worth $6.3 billion, and Virgin Orbit is now valued at $3.2 billion.

Virgin Orbit Merger Agreement With NextGen

According to Virgin Orbit’s spokesperson, the company’s NASDAQ debut is predetermined by its business combination with a Florida-based company, NextGen Acquisition Corp. II. This solution was more preferable to a traditional IPO, i.e. initial public offering.

Once the combination is finalised, the combined company will use the ticker ‘VORB’ symbol on NASDAQ.

A Great Investment Booster to the Success of Virgin Orbit

Upon completing the transaction, the shares of the deal will be completed by the end of 2021. It incorporates Boeing and AE Industrial Partners investments, about $100 million, and the rewards from other investors. In total, Virgin Orbit will raise $483 million.

The combined company’s shares will be distributed as follows: 85% are retained by Virgin Orbit shareholders, while the NextGen’s shareholders, PIPE investors, and the SPAC sponsor will get 10%, 3%, and 2% correspondingly.

Leave a Reply Your email address will not be published. Required fields are marked *


Related Articles

Explore Orbital Today