Branson’s Virgin Orbit to go public through a SPAC at $3.7 billion valuation

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The modified 737 aircraft "Cosmic Girl" lifts off from Mojave Air and Space Port in California carrying a LauncherOne rocket on June 30, 2021.Virgin OrbitVirgin Orbit, the satellite-launching spinoff off of Sir Richard Branson's Virgin Galactic, is preparing to go public, announcing Monday that it will merge with a SPAC to list on the Nasdaq.The company is combining with special purpose acquisition company NextGen Acquisition Corp. II, as CNBC reported in June. It trades on the Nasdaq under ticker "NGCA," until the expected close of the transaction near the end of the year, when the shares will convert to "VORB."The SPAC — co-led by George Mattson, who previously co-led Goldman Sachs' global industrials group, and former PerkinElmer chairman and CEO Gregory Summe — values Virgin Orbit at $3.7 billion in equity.The deal is expected to raise $483 million for Virgin Orbit, including a $100 million PIPE round – or private investment in public equity – raised by investors
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