VORB surges over 20% as it rings the opening bell on Nasdaq 

Virgin Orbit

Richard Branson’s Virgin Orbit Holdings Inc. (VORB) sends satellites to Low Earth Orbit, launched itself on Nasdaq on Friday. On the first day of its IPO, the company stocks have rocketed, and the stock is up 25%, trading at $8.12 (+1.64 points).   

On the occasion of the company’s launch on Nasdaq, a full-scale model of Virgin Orbit’s Launcher One rocket and customer satellites were on display in Times Square. The event was organized for the public to learn more about the air launch and the company’s capabilities.   

On Friday, Richard Branson, the founder of Virgin Orbit, made remarks on the company’s performance. He stated that the satellite launch service had collected enough cash to achieve its goal as its recent SPAC deal was successful.   

Richard Branson, the billionaire investor, also added that Virgin Orbit Holdings (VORB) could easily beat competitors because it has a nimbler business model. It allows the company to take off from any location.   

The company launches satellites using an airplane as a base. The other companies, however, rely on ground-based rockets. Richard Branson claimed that this gave the company more flexibility allowing it to take clients that other companies would miss.   

On the recent SPAC, he reassured the investors about the company having enough cash resources to execute its strategies. However, the expected $483 million was brought down to $228 million because of redemptions.  

“When things are happening again and people are going into space, I suspect we’ll see a movement in the stock price,” 

Richard Branson said.

Richard also acknowledged the recent volatility in the space business, referring to his space-tourism firm Virgin Galactic (SPCE).    

After Branson’s interview, the VORB stock jumped higher, surging by around 17% in the intraday trade. VORB has come public through a SPAC deal but had lost ground since and had slid in double-digit percent on the second day as a listed firm.   

Related Posts