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The merger unlocked an investment agreement under which Boeing HorizonX Ventures will invest $20,000,000 in Virgin Galactic.
The merger provided Virgin Galactic with more than $450,000,000 in capital to fund its shift from development into operations.
The merger will provide Virgin Galactic with $774,000,000 in total financing, of which about $320,000,000 will go to shareholders selling their stock and transaction fees and $452,000,000 will be cash added to Virgin Galactic’s balance sheet.
The merger clears the way for Boeing to make a $20,000,000 investment in Virgin Galactic that was announced on 2019-10-08.
Social Capital Hedosophia shareholders approved a merger with Virgin Galactic on 2019-10-23.
The investor presentation cited the commercial aviation market as a $900,000,000,000 market opportunity for Virgin Galactic’s technologies.
George Whitesides, chief executive of Virgin Galactic, supports partnering with Boeing to develop systems intended to change how people move around the planet and connect with one another.
Virgin Group committed to purchasing supersonic jets under development by Boom Supersonic with The Spaceship Company, a subsidiary of Virgin Galactic, working with Boom on aircraft design.
Boeing HorizonX Ventures will invest $20,000,000 in Virgin Galactic once Virgin Galactic’s merger with special-purpose acquisition company Social Capital Hedosophia closes, which is expected later this quarter.
The merger between Virgin Galactic and Social Capital Hedosophia values the combined company at $1,500,000,000 and gives Boeing a stake of a little more than 1% in Virgin Galactic.
Virgin Galactic intends to merge with Social Capital Hedosophia (SCH), a publicly traded special-purpose acquisition company, in a deal that would value Virgin Galactic at $1,500,000,000 and provide an estimated $450,000,000 to fund operations and growth.
Virgin Galactic signed a contract on 2019-10-02 with the Italian Air Force to fly a set of research payloads and three people on a future SpaceShipTwo suborbital spaceflight.
SCH shareholders voted on 2019-09-09 to extend the deadline to close the Virgin Galactic deal by three months to 2019-12-18.
Virgin Galactic has a framework agreement with Italian companies Altec and Sitael, working in cooperation with Italian government agencies, to establish SpaceShipTwo operations at the Taranto-Grottaglie Airport, and that agreement set no start date for flights.
Virgin Galactic practiced one of the two different routes planned for SpaceShipTwo flights during the 2019-08-15 flight.
The Virgin Galactic–Social Capital Hedosophia deal will provide $800,000,000 in capital for Virgin Galactic and will allow the company to be publicly traded once the deal closes.
Chamath Palihapitiya, founder of Social Capital Hedosophia, is investing $100,000,000 of his personal funds into Virgin Galactic and will serve as chairman of the company.
Virgin Galactic will merge with Social Capital Hedosophia, with Social Capital Hedosophia taking a 49 percent stake in the combined entity.
Virgin Galactic announced the merger with Social Capital Hedosophia on 2019-07-09.
Virgin Galactic reached an agreement on 2019-07-09 to merge with Social Capital Hedosophia that will raise several hundred million dollars and allow Virgin Galactic to become publicly traded.