Virgin Orbit stated it is going public through a merger with a blank-check vehicle in a deal rising to $3.2 billion, according to a press release by Virgin Orbit on Monday.
- The deal with NextGen Acquisition Corp. II also incorporates a private investment in public equity (PIPE) of $100 million, from parties such as Boeing Co and AE Industrial Partners.
- Firefly, the US-New Zealand startup and Virgin Orbit are some of the frontrunners in the new types of firms building miniaturized launch systems to cash in on the exponential growth of compact satellites, expected in the coming years.
- The deal with NextGen Acquisition is expected to provide $483 million in proceeds for the combined company.
Virgin Orbit is expected to list on the Nasdaq, post the closing of the merger, under the ticker symbol “VORB.”