Â© Reuters. SUBMIT IMAGE: A reproduction design of Virgin Orbit’s LauncherOne rocket beings in a media location ahead of UK’s First launch at Newquay Airport in Newquay, Britain, January 8, 2023. REUTERS/Henry Nicholls/File Image
By Joey Live Roulette
WASHINGTON (Reuters) – Billionaire Richard Branson’s cash-strapped Virgin Orbit is near an offer for a $200 million financial investment from Texas-based equity capital financier Matthew Brown through a personal share positioning, according to a term sheet seen by Reuters.
An effective offer would be a significant increase of self-confidence in the business that saw its market capitalization downturn to a record low of $150 million on Tuesday from more than $3 billion 2 years back when it went public through a blank-check offer.
The settlement follows the satellite launch business stated recently it was checking out tactical choices and remained in talks for financing after a money crunch required it to stop briefly operations and furlough almost all its personnel.
The 2 business are intending to seal the deal on Friday, according to the term sheet.
Virgin Orbit was not instantly offered to comment.
Matthew Brown Business did not instantly respond to a Reuters ask for remark.
Reuters reported on Tuesday that Virgin Orbit prepares to remember a little group from the furlough on Thursday to deal with rocket upgrades.