Exclusive-Virgin Orbit near deal to raise $200 million from Matthew Brown - term sheet

FILE PHOTO: A replica model of Virgin Orbit's LauncherOne rocket sits in a media area ahead of UK's First launch at Newquay Airport in Newquay, Britain, January 8, 2023. REUTERS/Henry Nicholls/File Photo

WASHINGTON (Reuters) - Billionaire Richard Branson's cash-strapped Virgin Orbit Holdings Inc is nearing a deal for a $200-million investment from Texas-based venture capital investor Matthew Brown via a private share placement, according to a term sheet seen by Reuters.

The space startup did not comment on the likely deal, but said on Wednesday it would resume operations on March 23 and prepare for its next mission by recalling some of its employees, sending its shares up 60% in premarket trading.