Virgin Orbit IPO to yield 53% less than expected in proceeds following selloff by early SPAC investors

by Peter B. de Selding

PARIS — Small satellite launcher startup Virgin Orbit is going public on the U.S. Nasdaq market Dec. 30 after Virgin Investments Ltd. agreed to buy $100 million in shares to avoid the collapse of the company's SPAC transaction following withdrawals by early investors.

Under the terms of the deal, Virgin Orbit needed to emerge from its de-SPACing and stock-market listing with a minimum cash position of $200 million.

Redemptions by the shareholders of NextGen Acquisition Corp. II mean that Virgin . . .

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