Shares Virgin Galactic of Richard Branson dropped by 13% through an additional emission

News

Shares Virgin Galactic of Richard Branson dropped by 13% through an additional emission

07.08.2020 News

Shares of aerospace company Virgin Galactic fell by 13.78% to $ 20.71, according to trading data on the New York Stock Exchange.

Securities of Richard Branson’s company are getting cheaper due to the background of the announcement of an additional issue emission. Virgin Galactic announced its intention to issue approximately 20.5 million new shares to raise $ 529 million.

Quotation were also affected by the report: in the second quarter, the company recorded zero revenue and a net loss of $ 62.52 million. A year ago, revenue was $ 638 million and the loss was $ 44.1 million.

Virgin Galactic is the world’s first public space tour operator. In 2019 the company entered the stock exchange after the merger of the SPAC Social Capital Hedosophia Holdings.

Branson’s company has not yet made any commercial flights: so far it only performs test. In autumn 2020 Virgin Galactic plans to carry out the first test flight with two pilots. The company reported that in the case of success in the first quarter of 2021, Richard Branson will go into space personally.

UBS predicts that by 2030 the space tourism market will grow to $ 3 billion. Virgin Galactic’s main competitors in this area are SpaceX, Boeing and Blue Origin.

In 2019, CNBC reported that suborbital flights on Virgin Galactic spacecraft have already booked more than 600 people. Ticket price – $ 250 thousand

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