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Why Is Virgin Orbit (VORB) Stock Up 57% Today?


  • Virgin Orbit (VORB) is getting closer to a funding deal.
  • This would see Matthew Brown invest $200 million into the company.
  • The deal could be finalized on Friday.
VORB Stock - Why Is Virgin Orbit (VORB) Stock Up 57% Today?

Source: shutterstock.com/viewimage

Virgin Orbit (NASDAQ:VORB) stock is on the rise Wednesday following reports that the company is close to securing additional funding.

According to these reports, Virgin Orbit is in talks with venture capital investor Matthew Brown to supply the company with $200 million. This news comes after the company announced last week that it’s exploring strategic options.

The reports are based on a term sheet not made public yet. This shows that Brown would use a private share placement to provide funding to the satellite company. The deal would likely boost investor confidence after VORB’s market capitalization dropped to $150 million on Tuesday.

Insiders told Reuters that Virgin Orbit and Brown are working on finalizing the deal. The current goal is to have the funding agreement signed by Friday. If so, that could be a catalyst that sends VORB stock higher.

VORB Stock Movement Today

Investors are reacting well to news of potential funding for Virgin Orbit. This has shares seeing heavy trading on Wednesday. As of this writing, some 5 million shares have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 702,000 shares.

VORB stock is up 56.6% during pre-market stock trading on Wednesday.

Investors seeking more of the latest stock market news will want to keep reading!

InvestorPlace is home to all of the hottest stock market news traders need to know about on Wednesday! That includes the biggest pre-market stock movers this morning, as well as the latest news concerning shares of cannabis stocks and Federal Reserve rate hikes. We’ve got all that news ready to go below!

More Wednesday Stock Market News

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On the date of publication, William White 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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/03/why-is-virgin-orbit-vorb-stock-up-57-today/.

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