Richard Branson’s Virgin Orbit stated Boeing Co. will spend money on the satellite-launching startup’s deliberate $3.2 billion SPAC itemizing later this yr, an funding that comes because the airplane maker’s personal area program faces hurdles.
Virgin Orbit stated it could checklist on the Nasdaq inventory market by merging with NextGen Acquisition Corp., a special-purpose acquisition firm run by former Goldman Sachs banker George Mattson and Greg Summe, a former senior government on the Carlyle Group.
Boeing’s deliberate funding, which The Wall Road Journal first reported earlier Monday, comes via a SPAC-related fundraising spherical referred to as a personal funding in public fairness, or PIPE. That fundraising has garnered a complete of $100 million in commitments, Virgin Orbit stated. The corporate didn’t say how a lot of that may come from Boeing. Boeing didn’t instantly return requests for remark Monday morning.
Personal-equity fund AE Industrial Companions LP can even spend money on the PIPE, Virgin stated. AE Industrial Companions didn’t instantly return a request for remark early Monday.
Virgin Orbit’s plans to seek a SPAC-related listing have been first reported earlier this yr by the Journal.