As per the latest reports, Virgin Orbit has made an announcement for its stakeholders and followers. The company owned by Sir Richard Branson has made an announcement that it is in the process of going public. The announcement in regards to the company’s intentions of going public was made on Monday, August 23, 2021.
In the announcement, Virgin Orbit revealed that it is going to list itself through the NASDAQ Stock Exchange. However, the company revealed that it is not going to go for a direct listing. Instead, the company is aiming to do it following a merger with a Special Purpose Acquisition Company (SPAC).
In the announcement, Virgin Orbit has confirmed that the name of the company it is merging with is NextGen Acquisition Corp. II. One of the major sources that have brought the information to the front of the news is CNBC.
CNBC had already hinted at the merger in one of its reports it published back in June of 2021. In the report, CNBC had announced that Virgin Orbit was in the process of merging with NextGen Acquisition Crop. II. However, it was not confirmed exactly why the merger was taking place between the two.
The NextGen Acquisition Corp. II is already listed through the NASDAQ Stock Exchange. At present, the particular acquisition company is listed on the respective index with “NGCA” as its ticker symbol.
It has been revealed by the Virgin Orbit officials that so far, the deal has been finalized and the payments are yet to be made to execute the deal. However, both companies have agreed to complete the merger process for both companies by the end of 2021.
Once the full transaction for the acquisition has been made, the shares for the company would be replaced with the ticker “VORB”. It is expected that the company is going to observe a significant rise in terms of its share prices because of all the hype that has been caused due to the announcement.
Sir Richard Branson also talked about taking Virgin Orbit to the public market and their experience with the SPACs. He stated that he has already invested billions in the project and the only reason he has done it is that he believes that it is going to work well.
This is the reason why he has made such a large investment. He added that he has full confidence in the success of the project and SPACs have always proven to be very beneficial for them. This time is going to be the same for them and they will continue launching new projects and endeavors.
Once Virgin Orbit goes public, the Virgin enthusiasts will have another Virgin brand on the public market to invest and make profits.