Virgin Galactic Holdings, Inc. develops commercial spaceflight and advanced aerospace systems for private individuals, researchers, and government customers. News about SPCE commonly centers on financial results, business updates for its SpaceShips and launch vehicle, sales of spaceflight expeditions, and the pause or ramp of commercial spaceline operations as the company works on next-generation vehicles.
Company updates also cover research-mission opportunities, including high-altitude payload and sensor work, leadership and growth-strategy appointments, equity compensation awards, and capital actions such as at-the-market common stock issuance. The recurring news record links Virgin Galactic's aerospace development program with its future-astronaut access fees, customer deposits, manufacturing activity, and public-company financing needs.
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.
Virgin Galactic Holdings, Inc. (NYSE: SPCE) announced the 'Galactic 07' mission launch window for June 8, 2024, marking its 12th spaceflight. The flight will focus on suborbital research with experiments from Axiom Space, Purdue University, and UC Berkeley, showcasing Virgin Galactic's role in microgravity research. The mission will be VSS Unity's final commercial flight, leading the company to focus on next-generation spaceships for commercial service by 2026.
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