Virgin Atlantic Airways and Virgin Group founder, Sir Richard Branson.

Craig Barritt

LONDON – Virgin founder Richard Branson is looking to raise $460 million to create a new special purpose acquisition company, or SPAC, becoming the latest in a line of wealthy investors to do so. 

In a filing with the Securities and Exchange Commission on Wednesday, the company said it intended to sell 46 million units at $10 apiece.

Branson is named as the founder of VG Acquisition, which is registered on the Cayman Islands. In the filing, the company said it plans to use the money raised through the initial public offering to acquire a business that is already in operation.

SPACs, also known as blank check companies, are set up for the sole purpose of acquiring another company and listing it on the stock market, usually within a couple of years. More than 50 SPAC offerings have

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(Bloomberg) — Richard Branson is the latest billionaire to join the blank-check listing party after he sold his space tourism business to one.

VG Acquisition Corp. filed Wednesday to raise $400 million in a special purpose acquisition company, or SPAC. The company plans to sell 40 million units at $10 apiece, according to its filing with the U.S. Securities and Exchange Commission.

The company said it would look at a host of businesses to target for a merger. The possibilities could be as varied as travel, financial services, music and renewable energy. it said.



a close up of Richard Branson in front of a flat screen television: Trading On The Floor Of NYSE As Virgin Galactica Releases IPO


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Trading On The Floor Of NYSE As Virgin Galactica Releases IPO

Richard Branson

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Photographer: Michael Nagle/Bloomberg

Branson, founder of the VG Acquisition, sold Virgin Galactic Holdings Inc. in October to a blank-check company started by Chamath Palihapitiya and venture capital firm Hedosophia in a deal that set off this year’s SPAC listing

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Virgin Galactic’s spacecraft Unity reaches space for the first time.

Source: Virgin Galactic

Virgin Galactic plans to conducts its next crewed spaceflight test on Oct. 22, according to documents the company filed with the Federal Communications Commission on Tuesday.

The flight will be the first of two that the space tourism company has planned to complete testing of its SpaceShipTwo spacecraft system and should have just two test pilots on board. Virgin Galactic said last month that the second test spaceflight will then have four “mission specialists” inside the cabin. If both test flights succeed, Virgin Galactic expects to fly founder Sir Richard Branson in the first quarter of 2021 – a milestone that will mark the beginning of the company’s commercial tourism service.

Shares of Virgin Galactic closed down 3.7% on Friday at $15.92 a share.

Virgin Galactic’s spacecraft Unity and carrier aircraft Eve in the hangar at Spaceport

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