Source: Company Presentation
Social Capital Hedosophia Holdings (IPOA) is a special purpose acquisition corporation (SPAC) that was formed in 2017 in Palo Alto, California. SPACs help to provide an alternative, often cheaper, method to take companies public. IPOA recently filed for a qualifying transaction to take Richard Branson’s Virgin Galactic ("VG") venture public through a merger agreement announced in July 2019. This transaction put a private enterprise valuation on the venture of $1.5B, with IPOA owning 49% of the company and Virgin retaining 51%. This article takes a look at Virgin Galactic,