Virgin Orbit, the satellite-launching company within the Virgin Group, said on Monday that it intends to go public in combination with special-purpose acquisition company (SPAC) NextGen Acquisition Corp. II
MOSCOW (Pakistan Point News / Sputnik - 23rd August, 2021) Virgin Orbit, the satellite-launching company within the Virgin Group, said on Monday that it intends to go public in combination with special-purpose acquisition company (SPAC) NextGen Acquisition Corp. II.
"Virgin Orbit has entered into a definitive agreement to become publicly traded on Nasdaq through a business combination with NextGen Acquisition Corp. II (NASDAQ: NGCA) that values Virgin Orbit at $3.2 billion," the statement read.
The deal is expected to provide the SPAC with up to $483 million, of which $383 million will be held in cash in a NextGen trust account, and $100 million as fully committed private investment in public equity. When the transaction is completed, the combined company will be listed on Nasdaq under "VORB," the statement added.
Virgin Group founder Richard Branson described the decision to go public as "another milestone for empowering all of those working today to build space technology."
Virgin Orbit, established in 2017, provides launch services for small satellites. In January, the company conducted the first successful launch of its carrier rocket LauncherOne into orbit.
