NextGen Acquisition II today filed a registration statement and preliminary proxy outlining terms of its deal to combine with Virgin Orbit, a launch and space solutions company founded by Richard Branson. The deal has 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.
Although a shareholder meeting date was not listed in the preliminary prospectus, the SPAC has said the deal is expected to close around the end of the year. Read more.
