Company Update: Virgin Orbit Receives More Than 30 Indications of Interest Under Court Approved Bid Procedures
LONG BEACH, Calif.--(BUSINESS WIRE)-- Virgin Orbit Holdings, Inc. (the “Company” or “Virgin Orbit”), a responsive space launch provider, has announced today an update regarding the process for sale of the Company. Pursuant to court-approved bid procedures, as of May 4, 2023 the Company had received over 30 indications of interest including multiple parties that proposed to continue to operate the business as a going concern and retain current employees in an integrated enterprise. A bid deadline for final binding offers is set for later this month.
Company CEO Dan Hart said: “I’m pleased with the number and quality of the indications of interest we’ve received, which we believe reflects the innovative ideas and hard work the team has put into the development of this unique system. I look forward to continuing to work with those who have expressed interest and other parties as we approach the final bid deadline.”
This announcement follows the Company’s previous statement that it will continue a process for sale of the Company under Chapter 11 Bankruptcy protection. No assurances can be made that the winning final binding offer in the process will propose to continue to operate the Company’s business as a going concern and retain current employees in an integrated enterprise, or that the winning binding offer will result in any return to holders of the Company’s common stock. Simultaneous to the sale process, the Virgin Orbit team is progressing with the final integration of the next rocket toward launch, currently planned for later this year.
About Virgin Orbit
Virgin Orbit Holdings, Inc operates one of the most flexible and responsive space launch systems ever built. Founded by Sir Richard Branson in 2017, the Company began commercial service in 2021, and has already delivered commercial, civil, national security, and international satellites into orbit. Virgin Orbit’s LauncherOne rockets are designed and manufactured in Long Beach, California, and are air-launched from a modified 747-400 carrier aircraft that allows Virgin Orbit Holdings, Inc to operate from locations all over the world in order to best serve each customer’s needs. Learn more at www.virginorbit.com and visit us on LinkedIn, on Twitter @virginorbit, and on Instagram @virgin.orbit.
Cautionary Statements Related to Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the outcome and timing of any sale transaction, or if a transaction will occur at all, the potential for the Company to continue as an integrated enterprise and the Company’s expectations regarding integration of its next rocket and the timing of launch. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the timing and outcome of the Company’s current proceedings (the “Chapter 11 Cases”) under Chapter 11 of the United States Bankruptcy Code (“Chapter 11”) and the Company’s filing for relief under Chapter 11; the impact of the Termination and Debrand Agreement, dated April 2, 2023, with Virgin Enterprises Limited on the Company’s business; as well as the factors, risks and uncertainties included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as well as in the Company’s subsequent filings with the Securities and Exchange Commission (the “SEC”), including but not limited to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 to be filed with the SEC, and accessible on the SEC’s website at www.sec.gov and the Investor Information section of the Company’s website at www.virginorbit.com. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Virgin Orbit assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Additionally, the Company cautions that trading in the Company’s common stock and warrants during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. Trading prices for the Company’s common stock and warrants may bear little or no relationship to the actual recovery, if any, by holders of the Company’s securities in the Chapter 11 Cases. Accordingly, the Company urges extreme caution with respect to existing and future investments in its common stock and warrants.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230508005819/en/
Alison Patch, Senior Director of Communications (US)
+1 949 616 2504
Source: Virgin Orbit Holdings, Inc.
Released May 8, 2023