Billionaire Richard Branson's cash-strapped Virgin Orbit Holdings Inc is near a deal for a $200 million investment from Texas-based venture capital investor Matthew Brown via a private share placement, according to a term sheet seen by Reuters.
A replica model of Virgin Orbit's LauncherOne rocket sits in a media area ahead of UK's First launch at Newquay Airport in Newquay, Britain, January 8, 2023. REUTERS/Henry Nicholls/File Photois near a deal for a $200 million investment from Texas-based venture capital investor Matthew Brown via a private share placement, according to a term sheet seen by Reuters.
Virgin Orbit, which received about $35 million of capital injections from Branson's Virgin Investments in recent months, said last week itand was in talks for fresh funding after a cash crunch forced it to pause operations and furlough nearly all its staff. Virgin Orbit's board agreed to move forward with the deal at a meeting held on Tuesday, according to a person with direct knowledge of the matter.
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