Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Virgin Orbit files for bankruptcy
Branson’s Rocket-Launch Firm Virgin Orbit Files for Bankruptcy
Virgin Orbit Holdings Inc. (NASDAQ:VORB) filed for bankruptcy after the satellite launch firm tied to British billionaire Richard Branson failed to secure the funding needed to keep operating and cut about 85% of its staff.
The company listed $243 million in assets and $153.5 million for its total debt in a Chapter 11 petition filed in Delaware.
Virgin Orbit went public through a SPAC transaction with NextGen II in December 2021. That deal netted just $67.8 million for the company, significantly less than expected, CEO Hart said in a court filing.
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