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ItвЂ™s another milestone for empowering all of those working today to build space technology that will positively change the world.вЂќ вЂњIвЂ™m very excited we are taking Virgin Orbit public, with the support of our partners at NextGen and our other wonderful investors. They are building on the incredible foundation of their rapid transition into successful commercial launch operations to find new ways to solve big problems that uplift our customersвЂ™ amazing ideas, again and again,вЂќ said Virgin Orbit founder Sir Richard Branson. вЂњThe Virgin Orbit team has proven its ability to create new ideas, new approaches, and new capabilities. In January 2021, the Company successfully launched satellites for NASA. The CompanyвЂ™s most recent successful launch вЂ“ conducted on JвЂ“ precisely delivered satellites for commercial and national security customers from the US and abroad directly into their target orbits. Since its founding in 2017, Virgin Orbit has developed the worldвЂ™s first air-launched, liquid-fueled launch system. Virgin Orbit has developed a proprietary air-launch technology, coupled with world-class manufacturing infrastructure and a proven team to transform space access for a diverse and global customer base.

Assuming no redemptions by NextGenвЂ™s shareholders, existing Virgin Orbit shareholders are expected to retain ownership of approximately 85% of the combined company, NextGenвЂ™s public shareholders are expected to own approximately 10% of the combined company, with PIPE investors and the SPAC sponsor expected to own approximately 3% and 2%, respectively, in each case, immediately following closing. Existing Virgin Orbit shareholders will roll 100% of their equity into the combined company. Virgin OrbitвЂ™s existing shareholder base is comprised of Virgin Group, (вЂњVirginвЂќ), Mubadala Investment Company (вЂњMubadalaвЂќ), and management and employees.

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Upon closing, the transaction is expected to provide the combined company up to $483 million in cash proceeds, including up to $383 million of cash held in the trust account of NextGen (assuming no redemptions) and a $100 million fully committed PIPE the combined company will retain the Virgin Orbit name and is expected to be listed on Nasdaq under the ticker symbol вЂњVORB.вЂќ The transaction values Virgin Orbit at an implied pro forma enterprise value of approximately $3.2 billion and is expected to close in the 4th quarter of 2021, subject to, among other things, approval by NextGenвЂ™s shareholders and the satisfaction or waiver of other customary closing conditions. ItвЂ™s another milestone for empowering all of those working today to build space technology that will positively change the world.вЂќ Virgin Orbit founder Sir Richard Branson. II, a special purpose acquisition company (SPAC), later this year. Virgin Orbit will become a publicly traded company under the stock symbol VORB following a merger with NextGen Acquisition Corp.

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