What’s going on with Virgin Orbit (NASDAQ:VORB) today? Shares of Richard Branson’s satellite-launch company are up over 18% today as both the S&P 500 and Nasdaq 100 fall. As a refresher, Virgin Orbit listed on the Nasdaq exchange last month after undergoing a business combination with special purpose acquisition company (SPAC) NextGen Acquisition Corp. The business combination valued Virgin Orbit at $3.2 billion and provided $228 million in cash proceeds. After today’s share price appreciation, VORB stock is now up 12% year-to-date, beating the S&P 500’s YTD decline of 8%.

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So, why are shares of VORB stock soaring higher today?

Virgin Orbit announced today that it would be reselling up to 330.3 million shares at a proposed maximum offering price of $8.57. Furthermore, the company will “issue 14.4M shares on the exercise of outstanding warrants to purchase common stock” at a proposed maximum offering price of $11.50. The proceeds will be received only from the exercise of warrants for cash. These proceeds will got toward “general corporate and working capital purposes.”

So, what else should investors know about Virgin Orbit and its share resale? Let’s dive right in.

VORB Stock to Resell Up to 330.3 Million Shares: 7 Things to Know

1. Virgin Orbit is a vertically integrated space-launching company that seeks to send satellites into space for governments, militaries and private businesses.
2. In addition, Virgin Orbit is a sister company to Branson’s privately held Virgin Airlines and Virgin Galactic (NYSE:SPCE).
3. As part of the share resale, Virgin Orbit will also issue the resale of up to 6.8 million outstanding warrants. The warrants were previously issued privately.
4. Although Virgin Orbit received $228 in cash proceeds from its business combination with NextGen, that amount was lower than the previously stated $483 million.
5. The satellite-launch company currently has a short interest as a percentage of float of 3.37%.
6. Furthermore, Virgin Orbit recently announced that it had sent seven satellites to orbit in its fourth mid-air launch. The successful launch marks the third straight successful mission for Virgin Orbit.
7. Virgin Orbit’s LauncherOne rocket and Cosmic Girl carrier aircraft aided the mission. Cosmic Girl is a modified Boeing 747 plane that has the capability to carry LauncherOne beneath its wing. In addition, LauncherOne can carry up to 1,100 pounds per mission.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.