The Latest SPAC News and Rumors: July 5, 2022


The Latest SPAC News and Rumors: July 5, 2022


Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Virgin Orbit carries out first night mission for US Space Force and Circle CEO says USDC stablecoin provider is in strongest position ever 

Virgin Orbit carries out its first night mission for the US Space Force

Virgin Orbit (NASDAQ:VORB) has ticked off another milestone for its fledgling launch business, successfully carrying out its first night-time mission over the weekend and deploying satellites into low-Earth orbit. The flight is the first of three the company will carry out for the United States Space Force as it eyes international expansion of its operations.

Virgin Orbit finally commenced commercial operations last June following years of development and test flights. The company’s approach to satellite launches involves a modified 747 that takes off from conventional airport runways and releases a rocket called LauncherOne from high altitude. This rocket then fires up its own engines to carry on to orbit with the customer’s payload.

NextGen Acquisition Corp. II  completed its combination with space venture Virgin Orbit in December 2021.


Circle CEO Says USDC Stablecoin Provider Is in ‘Strongest Position’ Ever

Jeremy Allaire, the CEO of the financial service company Circle, moved to quell rumors that the firm’s USDC stablecoin is on the brink of collapse.

In a Twitter thread published over the weekend, Allaire said he can understand why the crypto community “would be paranoid” about USDC, taking into account the recent collapse of several prominent crypto projects.

“Circle is in the strongest position it has ever been in financially, and we will continue to increase our transparency,” stated the Circle boss.

Concord (NYSE:CND) initially announced its $4.5 billion deal with Circle on July 8, 2021. Boston-based Circle is a peer-to-peer cryptocurrency service managing the USD coin and SeedInvest crowdinvesting platform.