Virgin Orbit To Ink $200-M Deal With Matthew Brown

Billionaire Richard Branson's cash-strapped Virgin Orbit Holdings Inc. is nearing a deal for a $200 million investment from Texas-based venture capitalist Matthew Brown via a private share placement, Joey Roulette reported for Reuters.

Photo Insert: Virgin Orbit's market capitalization slumped to a record low of $150 million on Tuesday from more than $3 billion two years ago when it went public through a blank-check deal.

The space startup did not comment on the likely deal but said on Wednesday it would resume operations on March 23 and prepare for its next mission by recalling some of its employees, sending its shares up 60% in premarket trading.

A deal would be a boost of confidence for the satellite launch company that has been grappling with dwindling cash and mounting losses in recent quarters in a highly competitive market.

Virgin Orbit's market capitalization slumped to a record low of $150 million on Tuesday from more than $3 billion two years ago when it went public through a blank-check deal.

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