Virgin Orbit andf NextGen Acquisition II today announced Virgin Group’s intent to purchase up to $100 million of Virgin Orbit common stock in an additional PIPE investment to support the proposed merger of the two companies. NextGen Acquisition II’s sponsor will be supporting a portion of the additional PIPE. The final amount will be determined by the amount of investment, if any, required to satisfy the minimum cash condition as defined in the merger agreement up to a maximum of $100 million.
As announced in August, the combined enterprise was valued at $3.2 billion.
NextGen executives and Sir Richard Branson, founder of Virgin Orbit, said the additional invesmtent should secure a successful deal completion. Read more.
