Virgin Galactic Holdings Inc.
Virgin Galactic Exchanges $52.5M in Notes for Shares
Summary
On June 22, 2026, Virgin Galactic Holdings, Inc. announced an exchange agreement to swap approximately $52.5 million in aggregate principal amount of its 2.50% Convertible Senior Notes due 2027 for shares of its common stock/pre-funded warrants. This exchange aims to improve liquidity, manage cash position, and strengthen the balance sheet as the company prepares for commercial operations in Q4 2026. The exchange is expected to close on or about June 29, 2026, subject to customary conditions. The number of shares to be issued will be determined based on the daily volume-weighted average price of the common stock over a five-day observation period, with a floor of $3.03 and a cap of $4.09. The issuance of shares is exempt from registration under the Securities Act of 1933 and will be made only to qualified institutional buyers and accredited investors.
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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.
Official SEC Documents
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