Virgin Galactic (NYSE:SPCE) became the first space tourism company to be publicly traded on the New York Stock Exchange Monday, October 28, following the completion of a merger with holding company Social Capital Hedosophia (SCH). The total SCH investment of $800 million adds to the $1 billion already invested in Virgin Galactic since it was founded in 2004 by Sir Richard Branson.
After SCH Merger, Virgin Galactic Begins Trading on NYSE
Key Takeaways:
- Virgin Galactic (SPCE) became the first publicly traded space tourism company on the NYSE on October 28, 2019, following its merger with Social Capital Hedosophia.
- The stock debuted with significant trading volume but closed flat at $11.75, with founder Sir Richard Branson retaining a 51% controlling ownership stake.
- Despite only two crewed flights, Virgin Galactic has over 600 customer deposits and ambitious plans to begin commercial service next year, aiming for 270 trips by 2023.
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