Billionaire Richard Branson's Virgin Group said on Monday that it may sell up to 25 million shares of space tourism company Virgin Galactic ...
Billionaire Richard Branson's Virgin Group said on Monday that it may sell up to 25 million shares of space tourism company Virgin Galactic Holdings Inc to raise funds amid the COVID-19 pandemic.
FILE PHOTO: Sir Richard Branson stands on the floor of the New York Stock Exchange ahead of the start of trading in Virgin Galactic in New York, Oct. 28, 2019. REUTERS/Brendan McDermidShare this contentREUTERS: Billionaire Richard Branson's Virgin Group said on Monday that it may sell up to 25 million shares of space tourism company Virgin Galactic Holdings Inc to raise funds amid the COVID-19 pandemic.
The company said it intends to use the proceeds to support its portfolio of global leisure, holiday and travel businesses that have been affected by the impact of the coronavirus.Shares of Virgin Galactic, which have gained 69per cent this year, were down 3.1per cent at US$19.54 in afternoon trade.The company, which aims to offer the first commercial space flight later this year, said in April it would keep running as a critical infrastructure business during the pandemic.
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