Virgin Orbit ‘opportunistic on the market’ as it eyes new fundraising
Virgin Orbit’s boss Dan Hart said the satellite launching company is going to be “opportunistic on the market,” as it seeks additional funding rounds following a disappointing SPAC listing.
A subsidiary of Richard Branson-backed Virgin Galactic, the firm raised only $228m (£205m) when it listed in December 2021 on the NYSE.
However, the initial target was set at $483m, the Sunday Times first reported.
“We’ve been fortunate all along to have some key backers, and obviously Virgin [Group] being the most significant,” said the chief executive.
“We continue to have good support from them, but we’re looking to be opportunistic on the market. So, we will be looking at pursuing capital as we go forward.”
Branson recently made the news when he invested £30m worth of royalties into his Virgin brands, including Virgin Galactic.
The remarks come as Virgin Orbit is preparing for its UK first mission pending approval from aviation regulator the Civil Aviation Authority.
The launch – which was postponed from an initial September date – is set to take place in mid-November.
Virgin Orbit attaches its satellites to a modified aircraft which releases the rocket once at acceptable altitude. This enables the company to launch its satellites also amidst unfavourable weather compared to rivals.