The capital raised through this transaction combined with our new access to the public markets, will enable us to scale rocket manufacturing and extend our space solutions business and product development while we continue to expand globally through key partnerships with customers worldwide. With the company preparing for a third consecutive successful launch in January, I’m thrilled to support Virgin Orbit as it becomes a publicly traded business and builds on the incredible successes that we’ve seen this year.”ĭan Hart, Chief Executive Officer of Virgin Orbit, commented, “This marks another major milestone for Virgin Orbit in a year that has seen us prove our technology and place satellites successfully into orbit for commercial enterprises, the US government, and for our allies. With a diverse and global customer base, it is the only launch company that can go anytime, from anywhere, to any orbit. “Thanks to Dan and his world-class team, along with the support of our partners at NextGen and other investors, Virgin Orbit is well positioned to continue revolutionizing satellite launch and building unrivalled space technology that we believe will positively change the world. “We’re on track to end December with Virgin Orbit as a publicly traded company – a fantastic way to celebrate and cap an incredible year that started with delivering a dozen satellites for its first customer, NASA, into their target orbit in January,” said Sir Richard Branson, founder of Virgin Orbit.
Upon the closing of the business combination, the combined company will be named “Virgin Orbit Holdings, Inc.” and its common stock is expected to be listed on the NASDAQ under the new ticker symbol “VORB”. The closing of the business combination is expected to occur before the end of December 2021, subject to the expected satisfaction or waiver of all closing conditions.
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A Form 8-K disclosing the full voting results is expected to be filed with the Securities and Exchange Commission.Īlso today, NextGen and the Virgin Group announced that the minimum cash condition required for the merger to be completed has been satisfied, which will provide Virgin Orbit with growth capital to continue its rapid ramp-up in commercial space launch. II (NASDAQ: NGCA) (“NextGen”) stockholders today approved the previously-announced business combination with Vieco USA, Inc., the parent company of Virgin Orbit ("Virgin Orbit" or the "Company"), at a special meeting of stockholders held today. & BOCA RATON, Fla.-( BUSINESS WIRE)-NextGen Acquisition Corp. In 2022, Virgin Orbit expects to bring launch to the United Kingdom for the first time, operating from Spaceport Cornwall in support of UK Space Agency, Royal Air Force, and industrial objectives.Virgin Orbit is also developing its space solutions business, taking equity stakes in several of its customers and compiling a cross-cutting suite of space-based capabilities in Earth Observation, intelligence, quantum encryption, and communications.Virgin Orbit has recently signed new agreements with key customers representing more than 30 launches, including having been selected as the exclusive launch partner for ANA Holdings in providing launch capability from Japanese soil, as well as Arqit, and as a launch provider for Hypersat, Horizon Technologies, and SatRevolution.Virgin Orbit recently completed its final pre-launch rehearsal for its January 2022 mission, which will carry satellites for three customers into orbit.Virgin Orbit has successfully launched 19 satellites to date and has launched satellites for all of its major customer segments: civil, commercial, international, and national security.Transaction to result in gross proceeds of approximately $228 million to fund the Virgin Orbit growth plan.Sir Richard Branson and Virgin Orbit executives expected to ring the opening bell at the NASDAQ exchange on January 7, 2022.After the closing, Virgin Orbit common stock is expected to begin trading on the Nasdaq under the symbol "VORB".PIPE investors including Boeing, AE Industrial Partners, the Virgin Group, Mubadala, and NextGen’s Sponsor to become public shareholders.The closing of the business combination is expected to occur before the end of December 2021.NextGen stockholders approved the previously-announced business combination.