Virgin Orbit is set to go public, as the launch and space solutions company announced Monday a merger agreement with special purpose acquisition company (SPAC) NextGen Acquisition Corp. II NGCA, +0.41% in a deal that values Virgin Orbit at about $3.2 billion. The deal is expected to provide the combined company with proceeds of $483 million in cash. Once the deal closes, which is expected to occur around the end of the year, the company will be named Virgin Orbit and the stock is expected to list on the Nasdaq exchange under the ticker symbol “VORB.” NextGen’s stock, which started trading in May, rallied 3.9% in premarket trading Monday. Virgin Orbit’s current shareholders consist of Richard Branson’s Virgin Group, which is also involved in Virgin Galactic Holdings Inc. SPCE, +1.15%, and Mubadala Investment Co., as well as management and employees. Boeing Co. BA, +0.24% has committed to invest in Virgin Orbit, according to a report in The Wall Street Journal. NextGen’s stock has edged up 0.1% over the past three months while the S&P 500 SPX, +0.81% has gained 6.9%.
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