Billionaire Richard Branson’s financially strained business, Virgin Orbit Holdings, is nearing an agreement with investor Matthew Brown to inject $200 million into the corporation via a private placement arrangement, as described in a Reuter’s revelation.
The startup did not comment on the potential deal. Still, they announced that they would finish current operations by March 23 and prepare for the next mission by recalling some of the employees, which led to an increase in the value of shares by as much as 60 percent in pre-market trading.
The deal boosts confidence in the company, which has faced a lack of funds and mounting losses in recent quarters.
Virgin Orbit’s market capitalization fell from its listing of $3 billion two years ago to a record low of $150 billion.
In January, this company’s LauncherOne rocket failed to launch nine small satellites into low Earth orbit due to an anomaly during the flight.
Last week, the company stated that it was looking into potential new funding sources. It recently obtained approximately $35 million from Virgin Investments, owned by Branson.
Under the agreement, Matthew Brown will have the sole right to alter his $200 million investment in Virgin Orbit picked stock into common stock at a weighted average price 30 days before the contract is signed.
On Monday, German arms maker and engineering company Rheinmetall was part of the DAX index of 40 leading stocks on the Frankfurt Stock Exchange, pushing out dialysis treatment company Fresenius Medical Care (FMC).
Rheinmetall’s market capitalization is approximately 10.4 billion euros, and its share price has more than doubled since Russia invaded Ukraine in February last year.
This company, among other things, manufactures the cannon on the Leopard 2, a tank in service with several European armies being delivered to Ukraine. It also manufactures the guns on the Panzerhaubitze 2000, a long-range howitzer used by the Ukrainian military.
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