Virgin Orbit shares double on report of nearing deal to raise $200 mln

Virgin Orbit Holdings

22/03/2023 09:09

** Shares of billionaire Richard Branson's Virgin Orbit
Holdings Inc  VORB.O  rise 122.5% to about 98 cents premarket
    ** VORB is near a deal for a $200 mln investment from
venture capital investor Matthew Brown via a private share
placement, according to a term sheet seen by Reuters
    ** Reuters also reported on Thursday VORB plans to recall a
small group of employees from a near company-wide furlough to
work on rocket upgrades
    ** Last week, VORB said it was exploring strategic options
and was in talks for funding after a cash crunch forced the
satellite launch company to pause operations
    ** Up to last close, stock is down 76% YTD

 (Reporting by Chavi Mehta in Bengaluru)
 ((Chavi.Mehta@thomsonreuters.com;))