Credit: Mike Blake / Reuters
LONG BEACH, CALIFORNIA AND BOCA RATON, FLORIDA — 23 DECEMBER, 2021 – Today, Virgin Orbit, which has announced a planned business combination with NextGen Acquisition Corp. II (“NextGen”) (NASDAQ: NGCA), announced Virgin Group’s intent to purchase up to $100 million of Virgin Orbit common stock in an additional PIPE investment at a price per share of $10.00 (the “Additional Equity Amount”). NextGen Acquisition Corp. II’s Sponsor will be supporting a portion of the Additional Equity Amount alongside the Virgin Group. The Additional Equity 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 amount of $100 million.

“I am committed and confident in the future of Virgin Orbit and its life ahead as a public company,” said Sir Richard Branson, Founder of Virgin Orbit. “This investment will ensure that Virgin Orbit has the capital required to go and build upon its incredible foundation and continue its rapid transition into a successful commercial space launch company. I couldn’t be more thrilled to watch it continue its journey into the public markets.”

“With this announcement, we believe we have a clear path to a successful closing of our merger, subject to receiving the necessary shareholder approvals on December 28, 2021, and remain confident in the future of Virgin Orbit as a public company,” said George Mattson and Gregory Summe, Co-Founders of NextGen. “We look forward to working closely alongside the Virgin Orbit team in realizing the enormous potential of the company in the months and years to come.”

About Virgin Orbit

Virgin Orbit operates one of the most flexible and responsive space launch systems ever built. Founded by Sir Richard Branson in 2017, the company began commercial service in 2021, and has already delivered commercial, civil, national security, and international satellites into orbit. Virgin Orbit’s LauncherOne rockets are designed and manufactured in Long Beach, California, and are air-launched from a modified 747- 400 carrier aircraft that allows Virgin Orbit to operate from locations all over the world in order to best serve each customer’s needs. On August 22, 2021, Virgin Orbit entered into a definitive agreement to combine with NextGen Acquisition Corp. II (NASDAQ: NGCA), a special purpose acquisition company, which would result in Virgin Orbit becoming a publicly listed company on the Nasdaq Stock Market under the symbol VORB. To learn more, visit virginorbit.com.

About Virgin Group

The Virgin Group is a leading international investment group and one of the world’s most recognized and respected brands. Created in 1970 with the birth of Virgin Records, the Virgin Group has gone on to invest in, incubate, and grow a number of successful businesses in the private and public markets. The Virgin Group has expanded into many sectors since its inception, driven by Sir Richard’s ambition to create the world’s most irresistible brand. These sectors include travel & leisure, financial services, health & wellness, technology & internet-enabled, music & entertainment, media & mobile, space, and renewable energy. The Virgin Group has built significant expertise across these sectors, which it has also successfully applied to investments in non-Virgin branded businesses in which it has seen the opportunity to generate attractive financial returns. https://www.virgin.com.

About NextGen Acquisition Corp. II

NextGen Acquisition Corp. II is a blank check company whose business purpose is to effect a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. NextGen is led by George Mattson, a former Partner at Goldman, Sachs & Co., and Gregory Summe, former Chairman and CEO of Perkin Elmer and Vice Chairman of the Carlyle Group. NextGen is listed on NASDAQ under the ticker symbol “NGCA.” For more information, please visit www.nextgenacq.com.

Source: Virgin Orbit

Kris Christiaens's Avatar

Kris Christiaens

This article was published by FutureSpaceFlight founder and chief editor Kris Christiaens. Kris Christiaens has been passionate and fascinated by spaceflight and space exploration all his life and has written hundreds of articles on space projects, the commercial space industry and space missions over the past 20 years for magazines, books and websites. In late 2021, he founded the website FutureSpaceFlight with the goal of promoting new space companies and commercial space projects and compiling news of these start-ups and companies on one website.