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