British billionaire Richard Branson’s satellite launch company Virgin Orbit will go public through a merger with SPAC’s NextGen Acquisition Corp II. The company announced this today, 23 August. Virgin Orbit announced that as a result of this merger it will be valued at $ 3.2 billion. The company will raise $ 483 million as a result of the deal, including from Boeing, which wants to invest in it. Virgin Orbit shares will be traded on the NASDAQ stock exchange – first under the ticker NGCA, and after the completion of the deal, which is scheduled for the end of this year, under the ticker VORB.
Virgin Orbit will be the next company to go public in this way – through a merger with SPAC, that is, a specialized structure for targeted mergers and acquisitions set up in advance by investors with the sole purpose of merging with an enterprise that wants to go public. Back in June, the American media wrote that Virgin Orbit was negotiating a merger with NextGen Acquisition Corp II.
Read about how Virgin Orbit entered the orbital race – read in the material “Kommersant-Science” “Satellites are launched into orbit from a conventional aircraft.”