Virgin Galactic Holdings Inc Stock Price, News & Analysis

Virgin Galactic has secured a new contract with the International Institute for Astronautical Sciences (IIAS) to conduct a space research mission on a Delta Class spaceship. The mission will involve three IIAS research astronauts, including bioastronautics researcher Kellie Gerardi, who previously flew on Galactic 05. The upcoming mission will build on the results from Galactic 05, which successfully tested healthcare technologies and fluid dynamics in microgravity. The Delta spaceships, set to commence service in 2026, can conduct up to eight missions per month, significantly increasing Virgin Galactic's capacity for space research.

Virgin Galactic (NYSE: SPCE) announced a new employee inducement award under NYSE Listing Rule 303A.08.

The Compensation Committee approved a time-based restricted stock unit award of 1,741 shares, effective June 15, 2024, following a 1-for-20 reverse stock split effective June 14, 2024. The award falls under Virgin Galactic's 2023 Employment Inducement Incentive Award Plan and will vest over four years. 25% of the shares vest on the first anniversary of the grant date, with the remaining 75% vesting over the next 12 quarters, contingent on continued service.

Virgin Galactic Holdings (NYSE: SPCE) announced a 1-for-20 reverse stock split, effective June 14, 2024, after trading closes. The stock will trade on a split-adjusted basis from June 17, 2024, under the ticker 'SPCE' with the new CUSIP number 92766K 403. The split aims to increase per-share price to meet NYSE's minimum bid requirements. Stockholders approved this at the annual meeting on June 12, 2024. No fractional shares will be issued; cash payments will be made instead. Adjustments will be made to equity awards and stock issuances under existing agreements and incentive plans. Continental Stock Transfer & Trust will manage the exchange. More details are available in the company's proxy statement on the SEC website.

Virgin Galactic has completed its 12th successful spaceflight, 'Galactic 07,' marking its second spaceflight of 2024. The mission carried one researcher and three private astronauts, including Turkish astronaut Tuva Cihangir Atasever. The flight conducted several experiments for space-based scientific research. The company has now completed seven research missions. Virgin Galactic's spacecraft, VSS Unity, made its final commercial flight and achieved significant milestones, reaching an apogee of 54.4 miles and a top speed of Mach 2.96. As VSS Unity retires, the company focuses on developing its next-generation Delta Class spaceships, set to enter commercial service in 2026.

Virgin Galactic Holdings (NYSE: SPCE) has announced its participation in TD Cowen's 8th Annual Future of the Consumer Conference on June 5, 2024, at 10:50am ET.

CEO Michael Colglazier will engage in a fireside chat, which will be webcast live and accessible on the Investors Relations section of Virgin Galactic's website.

Virgin Galactic (NYSE: SPCE) announced it received a notice from the NYSE on May 29, 2024, indicating its average closing stock price fell below $1.00 over a 30-day period, risking delisting.

The company plans to regain compliance by proposing a reverse stock split at its annual meeting on June 12, 2024. Virgin Galactic remains focused on delivering Delta Class spaceships for commercial service by 2026 and achieving long-term profitable growth. The stock will continue trading on the NYSE during the six-month compliance period.

Virgin Galactic, listed on the NYSE under the symbol SPCE, has announced an inducement award under NYSE Listing Rule 303A.08. The Compensation Committee approved a restricted stock unit award of 24,205 shares to a new non-executive employee. Effective May 15, 2024, this award is part of the 2023 Employment Inducement Incentive Award Plan, designed to attract new employees. The stock units will vest over four years, with 25% vesting on the first anniversary and the remaining 75% vesting quarterly over three years, contingent on continued service with the company.

Virgin Galactic announced its first quarter 2024 financial results, highlighting revenue of $2 million, a net loss of $102 million, and a cash position of $867 million. The company remains focused on the Delta Class program, targeting commercial service in 2026. 'Galactic 07' mission is planned for June 8, 2024, with VMS Eve expected to support up to 125 flights per year.

Virgin Galactic Holdings, Inc. (NYSE: SPCE) has opened a new system integration facility in Southern California for its Delta Class spaceships, starting ground tests of initial subsystems. The facility houses an 'Iron Bird' test platform to expedite development and enhance safety. The company aims to move from prototype to production model, reducing development time. The Delta fleet is set to launch commercially in 2026, with the final assembly in Phoenix, Arizona.