Temple University Virgin Galactic Public Merge with Investment Company Analysis The page limit is 3 pages of text; not counting bibliography and cover page

Temple University Virgin Galactic Public Merge with Investment Company Analysis The page limit is 3 pages of text; not counting bibliography and cover page.

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Critical analyses must be a maximum of three pages in length; only the first three pages will be read and evaluated. You must first identify a problem or opportunity and discuss a viable, themed integrated operations (how do you DO this?) solution based on your analysis of the firm’s circumstances. The general structure of papers involves a well-reasoned emphasisinvolving the following elements. Depending on your theme, your emphasis may shift among them.

Concisely describe the case-specific business situation, including the relevant macro-environmental, landscape and micro-environmental conditions facing the organization.
Develop your problem/theme statement: the opportunity or threat facing the organization. This theme statement goes in paragraph #1 or #2 as a clear, concise phrase.
If, and only if, realistic alternative approaches exist, present each alternative in sufficient detail to give the reader an idea of why it may be beneficial as opposed to another course. Do not discuss meaningless or unrealistic alternatives: doing that hurts your grade a lot.
Inform the reader of your specific, well-integrated reasons for any recommendations. This should include relevant value enhancing information (financials; profit-loss; brand value, etc.). Useful data, methods and/or expert opinion, well assessed, are expected.
Since this is an integrative applications course, your paper’s focus is always on: 1) specifically how will you do this and 2) how does your recommendation affect various important operational areas of the business’ performance, in other words, integrate the implications across various business operations areas like finance, marketing, risk, etc.

You are strongly encouraged to do external research on the industry and company for your paper. Don’t expect above a “C” for papers that use only the case itself without external, professional quality research to add further value.

You are encouraged to do external research on the industry and/or the company as a context for your analysis. In-text source citations that include author, year and page (if possible) and a comprehensive bibliography are required. Example: (Smith 2019, 27).

The article is under attachment. Virgin Galactic to Go Public, Merge with
Investment Company
By Jeff Foust, July 10, 2019
CAMBRIDGE, Mass. — Virgin Galactic announced July 9 it had reached an agreement to
merge with a public investment vehicle, raising several hundred million dollars of capital and
allowing the company to become publicly traded.
Virgin said that it will merge with Social Capital Hedosophia (SCH), which will take a 49
percent stake in the merged company at a valuation of $1.5 billion. Chamath Palihapitiya, the
venture capitalist who is the founder and chief executive of SCH, will invest an additional $100
million into the company.
SCH is what is known as a special purpose acquisition company, a publicly traded company that
raises money for the purpose of acquiring other companies. It reported having nearly $709
million in assets, primarily in the form of marketable securities, in its most recent Form 10-Q
filing with the U.S. Securities and Exchange Commission in May.
The merger will give Virgin Galactic the additional capital it says it needs to enable full
commercialization of its SpaceShipTwo suborbital vehicle, which is nearing the final phases of
its test program.
‘This transaction represents the next step of our exciting journey,” said George Whitesides, chief
executive of Virgin Galactic, in a statement. “We believe it will offer us the financial flexibility
to build a thriving commercial service and invest appropriately for the future.”
Whitesides will remain chief executive of Virgin Galactic after the merger closes, which the
companies expect to take place later this year. Palihapitiya will serve as chairman of the
company. Once the deal closes, Virgin Galactic will be publicly traded.
“We are confident that [Virgin Galactic] is light years ahead of the competition,” Palihapitiya
said in the statement. “It is backed by an exciting business model and an uncompromising
commitment to safety and customer satisfaction. I cannot wait to take my first trip to space and
become an astronaut.”
Virgin Galactic is, in fact, in close competition with Blue Origin, the spaceflight company
funded by Amazon.com founder Jeff Bezos. Blue Origin has been testing its own suborbital
vehicle, New Shepard, for several years, and Bezos said as recently as last month that he
expected the vehicle, whose test flights have been uncrewed to date, to start carrying people later
this year.
Virgin Galactic has flown SpaceShipTwo beyond the 50-mile (80-kilometer) altitude it considers
the boundary of space twice, most recently in February. The company announced in May it was
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shifting flight operations from the Mojave Air and Space Port in California to Spaceport America
in New Mexico. Test flights will resume from that spaceport later this year, followed by
commercial operations.
“Great progress in our test flight program means that we are on track for our beautiful spaceship
to begin commercial service,” Richard Branson, the founder of Virgin Galactic, said in a
statement. “By embarking on this new chapter, at this advanced point in Virgin Galactic’s
development, we can open space to more investors and in doing so, open space to thousands of
new astronauts.”
Branson had made it clear he was looking for new investors for Virgin Galactic. In October 2017
Virgin announced an initial agreement with the Public Investment Fund of Saudi Arabia that
would have resulted in a $1 billion investment in Virgin’s space companies, including Virgin
Galactic. A year later, though, Branson said the agreement had been cancelled, in reaction to the
murder of journalist Jamal Khashoggi by the Saudi government.
After SpaceShipTwo’s first flight beyond 80 kilometers in December, Branson said he expected
that achievement to attract new investors. “By being successful today, I suspect we’ll bring in
other investors to help us take it on to the next stage,” he said then, noting that he had invested
about $1 billion of his own money into the venture.
The company noted in the statement that the $1.5 billion valuation of the merged company was
2.5 times greater than its projected 2023 revenue, which would be $600 million. It is also a 5.5
multiple of its projected earnings before interest, tax, depreciation and amortization (EBITDA),
which works out to about $270 million. Those projected revenues and earnings, the company
said in the statement, reflect the period when “commercial operations are expected to achieve
scale” for Virgin Galactic.
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