Hopefully, this new stock offering will bring an added boost to the venture.
Any great endeavor starts with a vision and courage.
Congratulations to
Sir Richard.
October 29, 2019
By Lina Saigol
We have lift-off.
Richard Branson’s Virgin Galactic Holdings (click here) on Monday became the first space-tourism business to go public as its stock began trading on the New York Stock Exchange.
The company listed its shares via a merger with Social Capital Hedosophia Holdings Corp, a special purpose acquisition company (SPAC), or blank-check company, founded by ex- FB, +0.21% executive Chamath Palihapitiya, which took a 49% stake in Virgin Galactic SPCE, -8.62% for about $800 million. The deal valued the company at $2.3 billion.
Shares in the new entity, which are trading under the ticker SPCE, rose 8% in New York trading.
CEO George Whitesides said: “For the first time, anyone will have the opportunity to invest in a human spaceflight company that is transforming the market.”
The commercial space sector is projected to be worth $2.7 trillion by 2045, according to Bank of America Merrill Lynch....
