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Ibukun Ogundare

Articles by Ibukun Ogundare

Saudi and Abu Dhabi Investors to Contribute to SpaceX New Funding

2 days ago

Following a signed agreement between SpaceX and NASA, the government agency is considering SpaceX as an emergency return option for the ISS crew. 

Elon Musk’s SpaceX is about to receive financial backing from Saudi Arabia and Abu Dhabi investors in a new funding round. This follows an equity funding round in May 2022, which generated about $1.7 billion and reached a $127 billion market worth. At the same time, the company was positioned to be the US most valued startup with more than $125 billion valuation. Fast forward to July 2023, the company secured an additional $250 million.
SpaceX is Planning Multibillion-dollar New Funding Round
According to people with knowledge of the matter, the backers include a subsidiary of Saudi Arabia’s investment fund and an Abu Dhabi investment firm.

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VORB Stock Up 70% in Pre-market, Virgin Orbit to Receive $200M Investment from Matthew Brown

3 days ago

Virgin Orbit stock is up over 73% in the pre-market while yesterday it closed down almost 15%.

Aircraft engineering company Virgin Orbit (NASDAQ: VORB) is about to close a deal with venture capital investor Matthew Brown. Reuters reported the news referring to a term sheet that reveals that the company is nearing an agreement with the investor via a private share placement. Meanwhile, Virgin Orbit is moving toward filing for bankruptcy if it does not secure capital as soon as possible. The space technology company has been in a financial mess, being the most challenging funds matter since its inception.
Words on the street were that the company which provides launch services for small satellites was in talks with two firms for financing. The said restructuring firms are Alvarez & Marsal

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Astra Seeks Deadline Extension from Nasdaq to Avoid Delisting

8 days ago

In addition to seeking the grace period from Nasdaq, Astra also mentioned a possessive reverse stock split.

Rocket launch startup Astra Space (NASDAQ: ASTR) has drawn a plan to avoid a delisting from the Nasdaq. The stock trading platform gave the small rocket builder a deadline to exceed a share price level of $1 or face removal. This came after Astra’s share remained below $1 for 30 consecutive business days, violating Nasdaq listing rules. At press time, Astra trades at $0.42, having gained 2.38% in an after-hours trading session. As the April 4th deadline approaches and Astra remains below the required $1 to continue trading on the Nasdaq, the company has moved to file a plan earlier in the month.
Astra Makes Moves to Avoid Nasdaq Delisting
As Astra fights for a stay on the Nasdaq,

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FTX Paid SBF and Others $3.2 Billion 

9 days ago

FTX made the transfers to SBF and others via the former CEO’s trading firm Alameda Research. 

According to the new management of bankrupted crypto exchange FTX, $2.2 billion was transferred to SBF via various entities. In a press release, the company revealed that more than $3.2 billion was sent to Sam Bankman-Fried and other major employees according to a Schedules of Assets and Liabilities and Statements of Financial Affairs filed on March 15.
FTX Transfers Over $3B to SBF and Other Key Employees
Following SBF, who is the largest beneficiary, FTX also transferred $587 million to the director of engineering Nishad Singh. Other key employees that were paid are the former chief technology officer at FTX Trading, Zixiao Gary Wang ($246 million), and ex-CEO Ryan Salame ($87 million).

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Virgin Orbit (VORB) Shares Down Over 40% with Company Furloughing Almost Entire Staff

9 days ago

As of the end of Q3, Virgin Orbit has $71.2 million in cash and $30.9 million in revenue.

Shares of aircraft engineering company Virgin Orbit Holdings Inc (NASDAQ: VORB) dropped by 33% in extended trading as the company is discharging nearly all its workers. According to people familiar with the matter that spoke to CNBC, the company is additionally suspending operations for a week as it seeks a funding lifeline. Currently, at premarket trading, Virgin Orbit has declined further, with its shares currently down 43.86% in the premarket trading session.
Virgin Orbit is Furloughing Staff
Virgin Orbit executives announced the furlough to employees in a company-wide meeting on Wednesday. People present at the gathering gave the details of the gathering, noting that the involuntary leave is

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