Richard Branson owned company Virgin Orbit confirmed is planning to merge with SPAC (special purpose acquisitions company).
According to Tech Crunch, the deal values the combined enterprise at $3.2 billion, and will provide Virgin Orbit with $483 million in cash at close, including a $100 million PIPE.
The combined company will trade under the ticker VORB on the Nasdaq if and when the transaction concludes.
Last month Virgin Galactic made significant progress this year, achieving milestone flights, including a first full crew space launch for Galactic.
Branson’s Virgin Orbit, which transports small satellite payloads to low Earth orbit using similar technology as Virgin Galactic, used to be a single company before the two split to provide more focus on their respective markets.
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