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CSE NEWS+ 2022Thu May 26, 2022 5:40 pmruwan326

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Branson Takes Another Company Public Empty Branson Takes Another Company Public

Tue Aug 24, 2021 5:36 pm
Virgin Orbit is going public with a market valuation of $3.7 billion. The satellite-launching company will be merging with a SPAC to join the Nasdaq.

The deal is expected to raise $483 million, along with a $100 million PIPE round from Boeing (BA +3.16%) and AE Industrial Partners.
Branson’s Virgin Group owns 80% of the company, with Mubadala Investment Co. owning a smaller stake.

Backstory. Sir Richard Branson created Virgin Orbit as a sort of spin-off from the infamous space-tourism company Virgin Galactic. Virgin Orbit has completed two successful space missions so far, with seven total satellites in orbit.

Forecast. Branson is very confident about the SPAC deal as well as the future of Virgin Orbit. The company expects to make close to $15 million in revenue by the end of this year and plans to grow substantially to $2.1 billion by 2026.

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