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A highly anticipated SPAC merger could be announced within the coming weeks, according to Sky News.
What Happened: Virgin Orbit, a satellite launch company owned by Sir Richard Branson’s Virgin, could announce a SPAC merger, the report said.
The company is 80% owned by Virgin Group and 20% owned by Mubadala, the sovereign fund of Abu Dhabi.
NextGen Acquisition Corp II (NASDAQ:NGCA) is in exclusive talks with Virgin Orbit and could value the company at $3 billion, according to Sky.
Virgin Orbit CEO Dan Hart is a former executive for the space segment of Boeing (NYSE:BA), working for the plane manufacturer for over 34 years.
Related Link: Jeff Bezos Vs. Richard Branson: Who Will Get To Space First?
Why It’s Important: Virgin Orbit was spun off from Virgin Galactic (NYSE:SPCE) four years ago. Virgin Galactic went public in a SPAC merger in 2019.
NextGen Acquisition II is led by former Goldman Sachs (NYSE:GS) banker George Mattson, who serves on the board of directors for Virgin Galactic. Mattson also serves on the Delta Air Lines (NYSE:DAL) board.
Virgin Orbit received some positive momentum last week with United Kingdom Prime Minister Boris Johnson posing in front of the company’s launch rockets ahead of the G7 summit.
Virgin Orbit launched 10 small satellites into space in January and is scheduled to launch more by the end of June.
The company is one of only two commercial small satellite operators to hit that milestone. The company’s main competitor is Rocket Lab, which is going public via a SPAC merger with Vector Acquisition Corp (NASDAQ:VACQ).
Virgin Orbit plans to launch satellites from locations in California, Guam and Japan, with additional locations being considered.
NGCA Price Action: Shares of NGCA were trading 6.04% higher to $10.36 at last check Monday.
Disclosure: Author is long shares SPCE.
Photo courtesy of Virgin Orbit.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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