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NextGen Acquisition Corp. II has successfully completed its business combination with Vieco USA, Inc., the parent company of Virgin Orbit, effective December 28, 2021. Following stockholder approval, the company has rebranded itself as Virgin Orbit Holdings, Inc., with trading under the ticker symbols VORB and VORBW commencing on December 30, 2021. This transition marks a significant step in enhancing Virgin Orbit's operational capabilities in satellite launches. The company's leadership, including Richard Branson, aims to celebrate this milestone on January 7, 2022, by ringing the NASDAQ opening bell.
Positive
Successful completion of the business combination with Virgin Orbit enhances market presence.
New ticker symbols (VORB, VORBW) provide a fresh start for trading.
Strategic partnership with established financial advisors strengthens investment framework.
Negative
Potential risks associated with forward-looking statements could impact future performance.
LONG BEACH, Calif. & BOCA RATON, Fla.--(BUSINESS WIRE)--
NextGen Acquisition Corp. II (NASDAQ: NGCA) (“NextGen”) today announced the closing of its business combination with Vieco USA, Inc., the parent company of Virgin Orbit (“Virgin Orbit” or the “Company”).
As of the closing of the transaction, which was approved by NextGen stockholders on December 28, 2021, NextGen has changed its name to “Virgin Orbit Holdings, Inc.” Virgin Orbit’s common stock and warrants are expected to begin to trade on the NASDAQ Stock Market (“NASDAQ”) on December 30, 2021, under the ticker symbols “VORB” and “VORBW”, respectively.
To celebrate the listing, Virgin Orbit’s executive leadership team and Sir Richard Branson expect to ring the opening bell at the NASDAQ MarketSite on January 7th, 2022.
Credit Suisse Securities (USA) LLC is serving as lead financial advisor and lead capital markets advisor to Virgin Orbit and co-lead placement agent for the PIPE transaction. Perella Weinberg Partners L.P. and LionTree LLC are also serving as additional financial advisors to Virgin Orbit.
Latham & Watkins LLP is serving as legal advisor to Virgin Orbit.
Goldman Sachs & Co. LLC is serving as exclusive financial advisor to NextGen and as co-lead placement agent for the PIPE transaction. Rothschild & Co is acting as an additional financial advisor to NextGen. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to NextGen.
ABOUT NEXTGEN ACQUISITION CORP. II
NextGen Acquisition Corp. II was a blank check company whose business purpose is to effect a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. NextGen was led by George Mattson, a former Partner at Goldman, Sachs & Co., and Gregory Summe, former Chairman and CEO of Perkin Elmer and Vice Chairman of the Carlyle Group. For more information, please visit www.nextgenacq.com.
ABOUT VIRGIN ORBIT
Virgin Orbit operates one of the most flexible and responsive space launch systems ever built. Founded by Sir Richard Branson in 2017, the company began commercial service in 2021, and has already delivered commercial, civil, national security, and international satellites into orbit. Virgin Orbit’s LauncherOne rockets are designed and manufactured in Long Beach, California, and are air-launched from a modified 747- 400 carrier aircraft that allows Virgin Orbit to operate from locations all over the world in order to best serve each customer’s needs. To learn more, visit virginorbit.com.
This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the risks and uncertainties described in the “Risk Factors” section of the definitive proxy statement/prospectus filed by NextGen with the SEC on December 7, 2021 and in the other documents filed by Virgin Orbit from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Virgin Orbit assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Virgin Orbit does not give any assurance that it will achieve its expectations.
