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 New York Stock Exchange on October 28th, following a merger with Social Capital Hedosophia (SCH).
- The merger injected $800 million into Virgin Galactic, with SCH taking a 49% stake, and while the stock saw heavy trading volume on its debut, it closed flat.
- Despite only two crewed spaceflights, the company has over 600 customer reservations and ambitious plans to significantly scale commercial space tourism trips by 2023.
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