Friday, 22 November, 2019

Virgin Galactic to commence trading on NYSE

Richard branson Richard Branson finally weighs in on the flight shaming movement. Source Virgin
Irene Mckinney | 29 October, 2019, 00:28

Virgin Galactic is about to become the first space-tourism company to list on the New York Stock Exchange, expected as soon as Monday, multiple news sources including CNBC, Spacenews.com and The Verge reported this week.

"This is a shaky environment for companies with grand visions but unproven models" said Matthew Kennedy, senior IPO market strategist at Renaissance Capital.

Virgin Galactic went public through a merger with Social Capital Hedosophia Holdings Corp, a publicly traded shell company, or special objective acquisition company (SPAC), led by former Facebook executive Chamath Palihapitiya.

'For the first time, anyone will have the opportunity to invest in a human spaceflight company that is transforming the market'.

Earlier this week, Palo Alto-based Social Capital Hedosophia Holdings Corp approved a merger and $700 million investment in the space venture. But, for a fraction of that ticket price, you can now own a piece of Sir Richard Branson's space company on the New York Stock Exchange. This allowed it to list Virgin Galactic shares without going through the traditional stock offering process.

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The IMF's managing director, Kristalina Georgieva, cited the fallout from a variety of factors: the U.S. That process, completed in 2010, needed approval of the U.S.

Virgin Galactic now has one operational SpaceShipTwo craft, the VSS Unity, which has completed two test flights to suborbital space and more under construction.

Virgin Galactic already has customer reservations from more than 600 people in 60 countries representing approximately $80 million in total collected deposits, and over $120 million of potential revenue. For years, Virgin Galactic has been locked in competition with fellow billionaire-led enterprises, such as Elon Musk's SpaceX and Jeff Bezos's Blue Origin.

So far, Virgin has flown its vehicle SpaceShipTwo to the edge of space twice. Branson is using an aircraft to carry a spaceship to high altitudes, where it blasts away. The second, in February, had two pilots and a crew member.

This raised much-needed funds for Virgin Galactic after Branson in 2018 said the company would suspend discussions with Saudi Arabia's Public Investment Fund over a planned $1 billion investment after the murder of Saudi journalist Jamal Khashoggi. With our proprietary spaceflight system, special airspace access at Spaceport America, globally-recognized brand and broad investor interest, I believe VG is ideally positioned to capitalize on the fast-growing, multibillion-dollar commercial space market and ultimately open space to thousands of new astronauts.

Virgin Galactic is moving operations and personnel from Mojave to Spaceport America in Upham, New Mexico, in anticipation of starting operations next year.

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