Virgin Galactic’s shares have turned sharply lower after the spaceflight company said it’s made arrangements to sell up to $500 million in stock
Virgin Galactic shares veered sharply lower Monday after the spaceflight company said it’s made arrangements to sell up to $500 million in stock.
The disclosure comes a day after founder Richard Branson briefly rocketed into space aboard Virgin’s winged space plane for the first time in what was the company’s highest-profile flight yet as it looks to begin taking up paying customers on expensive joy rides next year.
The stock closed Monday down 17.3%. Trading in the stock was briefly halted shortly after the market opened. Virgin is still up 71.5% so far this year.
The company didn’t reveal the timing of the proposed stock sale, but said it plans to use the net proceeds to fund manufacturing, develop its…
Source news reuters.com, click here to read the full news.