After Richard Branson’s spaceflight, Virgin Galactic floats $500M stock sale
3 weeks ago
Virgin Galactic prepares to launch crew into space
Richard Branson and his Virgin Galactic team prepare for the crew’s first spaceflight
One day after its founder Richard Branson blasted into space, Virgin Galactic announced potential plans to sell up to $500 million in stock. The move would capitalize on investor interest in the shares which have gained over 100% this year.
Virgin Galactic, whose shares rose as high as 9% in pre-market trading Monday, reversed its morning gains on the news.
VIRGIN GALACTIC HOLDINGS INC.
In a filing with the Securities & Exchange Commission, the company stated:
"We intend to use the net proceeds from the sale by us of the securities to which this prospectus supplement relates for general corporate purposes, including working capital, general and administrative matters and capital expenditures for our manufacturing capabilities, development of our spaceship fleet and other infrastructure improvements" according to the filing.
Virgin Galactic's meteoric rise comes after the aerospace company's successful Unity 22 mission on Sunday, in which Branson and five other crewmates flew to suborbital space and back.
VIRGIN GALACTIC GIVING AWAY TO FREE SEATS ON 2022 SPACEFLIGHT
Virgin Galactic's VSS Unity spaceplane lifted off around 10:30 a.m. Sunday after being delayed by overnight weather, flying to a peak altitude of 86 kilometers above Earth, or 282,000 feet, before gliding back down for a smooth landing at Spaceport America in New Mexico.
With the help of VMS Eve, a WhiteKnightTwo carrier plane named after Branson's mother, Unity climbed to an altitude of 50,000 feet before igniting its engine and blasting off to achieve a speed of Mach 3.