Virgin Orbit: $157M in firm backlog and a $250M hedge fund commitment if cash runs low

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PARIS— Small satellite launch service provider Virgin Orbit said it had sufficient cash to meet expected costs in 2022 assuming it meets its planned ramp-up of contract signings and books initial cash on those new orders.

In the event this falls short, the company has secured a $250-million standby equity purchase agreement with Ya II PN Ltd., a Cayman Islands-headquartered hedge fund operated by Yorkville Advisors Global of New Jersey.

Under the facility, concluded on March 28, Virgin Orbit may . . .

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