Virgin Orbit (VORB) stock will trade on Nasdaq in SPAC deal

P1 5 4 3 2 1 richard bransonand8217s virgin orbit is going public in a dollar32b deal

The self-described “responsive launch and area options firm” goes public, due to a merger with a particular objective acquisition firm, aka SPAC, known as NextGen Acquisition Corp. II.

The deal is price $3.2 billion, in response to this morning’s announcement.

The Lengthy Seashore, California-based firm will retain its identify and be listed on the Nasdaq underneath the ticker image VORB.

It will imply as a lot as $383 million for the corporate, plus $100 million in non-public funding in public fairness, higher generally known as PIPE, from traders, equivalent to Boeing and AE Industrial Companions.

The transfer comes virtually two years after Branson’s non-public spaceflight firm, Virgin Galactic, went public by way of a SPAC merger with Social Capital Hedosophia.

Virgin Orbit was based in 2017. This previous January, it launched satellites for NASA.

“The Virgin Orbit group has confirmed its potential to create new concepts, new approaches, and new capabilities,” Branson mentioned in a written assertion. “They’re constructing on the unimaginable basis of their fast transition into profitable industrial launch operations to search out new methods to unravel huge issues that uplift our prospects’ superb concepts, repeatedly. I’m very excited we’re taking Virgin Orbit public, with the help of our companions at NextGen and our different great traders. It’s one other milestone for empowering all of these working at this time to construct area know-how that will positively change the world.”