What Happened to Virgin Orbit Holdings?
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Current Price
$0
Peak Price
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Trust Size
$241M
Summary
Virgin Orbit was a satellite launch company founded by Richard Branson that used a modified Boeing 747 to air-launch rockets carrying small satellites to orbit. The company went public via SPAC merger with NextGen Acquisition Corp II in 2021. It filed for Chapter 11 bankruptcy in April 2023 after a failed launch.
What Happened
NextGen Acquisition Corp II merged with Virgin Orbit in December 2021 at a $3.2 billion valuation. The company had successfully launched satellites but a January 2023 mission from the UK failed catastrophically. Unable to secure additional funding, Virgin Orbit filed for Chapter 11 in April 2023. Its assets were auctioned off, with Rocket Lab and others acquiring various components for approximately $36 million total.
Timeline
2021-03-12
S-1 Registration Filed
2023-08-04
Last SEC Filing