Virgin Orbit, a launch and space solutions company founded by Richard Branson, today announced plans to merge with NextGen Acquisition II at a $3.2 billion valuation.
If approved, upon closing the transaction is expected to provide the combined company up to $483 million in cash, including up to $383 million of cash held in the NextGen trust (assuming no redemptions) and a $100 million fully committed PIPE.
The combined company will retain the Virgin Orbit name and is expected to list on the Nasdaq under VORB.
The deal is expected to close around the end of the year. Read more.
