Virgin Orbit completes $37 million stock sale
It appears that Virgin Orbit has just completed a $37 million sale of new common stock, valued at $0.0001 per share, and equal to about 10% of the company.
Hat tip to stringer Jay, who writes, “To me, it is like V.O. is printing money. They have already lost most of the value of the original stock, they are losing about $20 million a quarter, and they just raised $37M.”
Virgin Orbit had planned in 2022 about eight launches. It completed two, and then got blocked by the UK bureaucracy, completing no more launches for the rest of year while it waited months for permits to launch from Cornwall. During that time it could not launch its other customers because it only had one 747 in its fleet to launch its rocket.
No launches means no income. To keep the company afloat Branson has had his larger company Virgin Group transfer first $25 million and then another $20 million to Virgin Orbit. This stock sale appears to be another effort to keep Virgin Orbit above water.
The endless and unexpected delays getting permits to launch from Cornwall now suggests that some people in the UK government might not like Branson, and took this opportunity to sabotage him. Pure speculation I know, but not beyond the realm of possibility.
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
It appears that Virgin Orbit has just completed a $37 million sale of new common stock, valued at $0.0001 per share, and equal to about 10% of the company.
Hat tip to stringer Jay, who writes, “To me, it is like V.O. is printing money. They have already lost most of the value of the original stock, they are losing about $20 million a quarter, and they just raised $37M.”
Virgin Orbit had planned in 2022 about eight launches. It completed two, and then got blocked by the UK bureaucracy, completing no more launches for the rest of year while it waited months for permits to launch from Cornwall. During that time it could not launch its other customers because it only had one 747 in its fleet to launch its rocket.
No launches means no income. To keep the company afloat Branson has had his larger company Virgin Group transfer first $25 million and then another $20 million to Virgin Orbit. This stock sale appears to be another effort to keep Virgin Orbit above water.
The endless and unexpected delays getting permits to launch from Cornwall now suggests that some people in the UK government might not like Branson, and took this opportunity to sabotage him. Pure speculation I know, but not beyond the realm of possibility.
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
I’m puzzled by including the par value of $0.0001 per share? (Apple stock for example, has a par value $0.00001 per share.)
Most every par value for stock is a nominal amount and does not relate to the eventual market-price.
Check with your Local Tax Authority….
When my Corporation was Launched in the 80s, we were going to issue stock at one dollar a share, just to keep the values straight & easy for the PARTNERS capital contributions.
But the state (Virginia) taxed the transactions based on the number of stocks certificates issued,, thus each share was equal to several Thousand dollars to avoid the tax rate …thus saving thousands for each partner.
” suggests that some people in the UK government might not like Branson” Who does?
How many 10 million dollar flights will this company have to make to break even?
How many per year over the next 5 years?
Essentially how much cash has been invested into this company and how much does it cost to construct and launch each rocket?
Branson “believes”
Unfortunately those who work for him don’t… They’re just there for the paycheck.
As with all evolving technologies, if you’re successful you will work yourself right out of a job. As a coworker used to say… “Save some for the grandkids”
I saw a recent picture of Branson on top of a mountain in Africa in one of the Twitter postings (scrolling down) on this site. I hardly recognized him.
Alton–
For Michigan, you can issue up to 60K shares of stock for the $50 incorporation fee.
60,001 to 1 million shares = $100.
I just can not see anyone getting their money back out of this company unless the amount of flights really ramps up.
Something like once a week at least.