Virgin Group announced that, with the support of NextGen’s sponsors, it intends to purchase up to US$100 million in Virgin Orbit common stock in additional PIPE investments – QNT Press Release

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Combining the US$100 million PIPE investment (“PIPE Investment Amount”) and NextGen Acquisition Corp. II’s trust cash (“trust amount”) after consideration of redemption and estimated transaction costs, the increase of up to US$100 million in common stock purchases will be used To meet the minimum cash conditions defined in the merger agreement

Today, Virgin Orbit announced plans to cooperate with NextGen Acquisition Corp. II (“NextGen”) (NASDAQ:NGCA), announcing that Virgin Group intends to purchase up to US$100 million of Virgin Orbit common stock in an additional PIPE investment at a price of US$10.00 per share (the “additional equity amount”). The promoters of NextGen Acquisition Corp. II will work with Virgin Group to support some of the additional equity. The amount of additional equity will be determined based on the investment amount (if any) required to meet the minimum cash conditions defined in the merger agreement, up to a maximum of US$100 million.

“I have full confidence in the future of Virgin Orbit and its future as a public company,” said Sir Richard Branson, the founder of Virgin Orbit. “This investment will ensure that Virgin Orbit has the necessary funds, continues to grow on its incredible foundation, and continues to rapidly transform into a successful commercial space launch company. Seeing it continue its journey into the open market, I I feel extremely excited.”

George said: “Through this announcement, we believe that we have a clear path to successfully complete the merger, provided that the necessary shareholder approval is obtained on December 28, 2021, and Virgin Orbit is confident in the future of Virgin Orbit as a listed company. Mattson and Gregory Summe, the co-founders of NextGen. “We look forward to working closely with the Virgin Orbit team to realize the company’s great potential in the coming months and years.”

About Virgin Orbit

Virgin Orbit operates one of the most flexible and responsive space launch systems ever. The company was founded by Sir Richard Branson in 2017 and began commercial services in 2021. It has put commercial, civilian, national security and international satellites into orbit. Virgin Orbit’s LauncherOne rocket is designed and manufactured in Long Beach, California, and is launched from the air by a modified 747-400 carrier. This allows Virgin Orbit to operate around the world to best meet the needs of each customer. On August 22, 2021, Virgin Orbit and NextGen Acquisition Corp. II (NASDAQ:NGCA), a special purpose acquisition company, which will make Virgin Orbit a listed company on the Nasdaq stock market under the code VORB. To learn more, visit virginorbit.com

About Virgin Group

Virgin Group is a leading international investment group and one of the most recognized and respected brands in the world. Virgin Records was established in 1970. Virgin Group continues to invest, incubate and develop many successful companies in the private and public markets. Driven by Sir Richard’s ambition to create the most irresistible brand in the world, Virgin Group has expanded into many areas since its establishment. These areas include tourism and leisure, financial services, health and wellness, technology and the Internet, music and entertainment, media and mobile, space, and…

The full story on Benzinga.com

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