Virgin Galactic positioned itself to raise as much as $500 million through stock sales, a day after its founder, British billionaire Richard Branson, and five other crew members flew to the edge of space
Virgin Galactic Holdings Inc.’s shares had their worst performance in more than a year after the space-tourism company said it could sell as much as $500 million in stock.
The company’s announcement came a day after its founder, British billionaire Richard Branson, and five other crew membersVirgin Galactic said Monday that it has struck a distribution agency agreement with Credit Suisse Securities LLC, Morgan Stanley & Co. and Goldman Sachs & Co. to sell as much as $500 million in stock from time to time. Proceeds from any sale would go toward the development of its spaceship fleet and other purposes.
Shares of Virgin Galactic fell 17% to $40.69, its worst single-day percentage loss since March 2020. The company’s market value slipped below $10 billion. The stock was up as much as 3% earlier in Monday’s session before news of the sale was disclosed. Despite the decline Monday, the company’s share price is still more than double it was a year ago.
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