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 (A&M) and Ducera. However, the latest news on potential financial backing from Mathhre Brown could help Virgin Orbit survive these challenging times. Virgin Orbit posted a loss of almost $44 million in Q3. During the three-month period, its cash reserves were reduced from 122 million to $71 million. The company saw its market valuation plunge to a record low of $15 million about 24 hours ago. Meanwhile, it boasted of over $4 billion market cap when it went public via a SPAC deal in 2021. The high competition in the space startup market also contributed to the company’s recent losses.

Virgin Orbit Nears Deal to Receive $200M from Matthew Brown

According to the term sheet, Virgin Orbit and Matthew Brown are looking to close the agreement on Friday. Upon the initial deal, there would still be a need for a final agreement. A person with direct knowledge of the ongoing discussion with Matthew Brown said executives of Virgin Orbit agreed to the deal during a meeting on Tuesday, the same day the company recorded its lowest market cap since its public debut.

Per the agreement with Virgin Orbit, Matthew Brown will have access to convert his investment in preferred shares into common shares. The conversion will be based on the volume-weighted average price within 30 days before the deal is concluded and signed. The converted shares will also have the same voting rights as the common stock.

Prior to entering an agreement with Mathew Brown, Virgin orbit was exploring strategic options to stay afloat in the sinking water. The satellite launch company recently announced a staff furlough, affecting almost all its workers. The news caused its shares to drop more than 43%. The same shares jumped more than X2 as Reuters reported news of incoming funding. At press time, Virgin Orbit Holdings trades up 73.26% to $0.77, having closed down almost 15%. Market data shows no signs of gains for the past year. Instead, the company has lost 93.91% in the last twelve months.

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Robinhood Crypto COO Christine Brown—the top executive within the Stock trading app’s crypto subsidiary—is leaving the company.

In a Twitter thread today, she expressed thanks for her time at the company. Brown confirmed to Decrypt she will be starting her own crypto venture.

“I joined [Robinhood] when it was under 100 people—before we even offered a crypto product,” she tweeted. “Watching us grow through IPO and serving more than 22m users has been the greatest professional experience of my life.

Brown has been with Robinhood since 2017 and in April 2021 transitioned from VP of Product Operations into Robinhood Crypto COO—the company’s first.

Brown’s tenure has been marked by the pursuit of a dedicated crypto wallet. Robinhood users can buy and sell seven different cryptocurrencies—Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin—but they can’t send them to a private wallet. In other words, the company holds users’ crypto for them so they’re unable to port it elsewhere to, say, trade on decentralized exchanges or buy NFTs.

The company announced a beta release of the wallet in January 2022. It says it currently has 250,000 wallet users.

Robinhood COO Gretchen Howard said in a statement, “We’re so grateful to Christine for her contributions to Robinhood over the past five years – from leading our self-clearing initiative to scaling the Robinhood Crypto team. We’re excited to follow her entrepreneurial journey going forward.”

Editor’s Note: This post has been updated to include confirmation from Brown about her new role. The number of wallet users has also been added.