Virgin Galactic Holdings Inc.
Virgin Galactic Faces NYSE Delisting Notice, Plans Reverse Stock Split
Summary
Virgin Galactic Holdings, Inc. received a notice from the NYSE that its common stock's average closing price did not exceed $1.00 over a 30 consecutive trading-day period, which is necessary for continued listing. The company plans to regain compliance by seeking shareholder approval for a reverse stock split at its upcoming annual meeting. This is in response to Section 802.01C of the NYSE Listed Company Manual. The company has six months to regain compliance from the date of the notice.
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About Virgin Galactic Holdings Inc.
Virgin Galactic Holdings Inc. operates as an aerospace and space travel company. Its primary function is to develop commercial spacecraft and aim to provide suborbital spaceflights for private individuals and researchers. The company's notable features include its focus on pioneering human spaceflight for non-professional astronauts and offering an unparalleled experience of space viewings above Earth's atmosphere. Virgin Galactic Holdings, a part of the Virgin Group, plays a crucial role in advancing the nascent space tourism industry, seeking to make space more accessible to the general public. Headquartered in Mojave, California, the company leverages innovative space technologies, such as its spaceship Unity, to push the boundaries of private space exploration. By focusing on safety and an unforgettable customer experience, Virgin Galactic distinguishes itself in the market. As the first publicly traded commercial spaceflight company, it represents a significant milestone in the evolution of space travel and aims to create a new market sector, contributing to the broader exploration of space and scientific research.
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