Virgin Orbit close to $200 million investment

According to a term sheet by Reuters, Richard Branson's cash-strapped Virgin Orbit is close to a $200 million investment from Texas-based venture capital investor Matthew Brown.

A successful deal would be a boost to confidence in the company that saw its market cap slump to a new low of $150 million on Tuesday, from more than $3 billion two years ago when it went public with a blank-check deal.

The satellite launch company said last week it was exploring strategic options and was in talks for funding after a cash crunch forced it to pause operations and furlough nearly all of its staff.

According to the term sheet, the two companies are aiming to close the deal on Friday.

Virgin Orbit was not immediately available for comment.

On Tuesday, Reuters reported that Virgin Orbit plans to bring back a team from the furlough to work on rocket upgrades.