VORB - Virgin Obit raises $20M through new convertible note

Virgin Orbit Holdings ( NASDAQ: VORB ) disclosed that it sold and issued to Virgin Investments Limited a senior secured convertible note in the principal amount of $20.0M. The satellite launch company said the note is convertible into shares of common stock or other qualified securities, subject to certain conditions and limitations.

The new convertible note contains customary events of default, bears semi-annual interest at an annual rate of 6.0%, and has a maturity date of November 4, 2024 unless earlier repurchased, converted or redeemed.

Virgin Orbit ( VORB ) plans to use the net proceeds from the convertible note for working capital.

Shares of Virgin Orbit ( VORB ) are down 76% on a year-to-date basis.

The Seeking Alpha Quant Rating on VORB is flashing Strong Sell .

Dig into the latest financials for Virgin Orbit.

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