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 became the first publicly traded space tourism company on the NYSE on October 28, following an $800 million merger with Social Capital Hedosophia (SCH).
- The company's stock debuted relatively flat despite heavy trading volume, indicating investor interest without an immediate price surge.
- Virgin Galactic has secured over 600 customer reservations with $80 million in deposits and aims to significantly ramp up commercial flights, targeting 16 trips in the next year and 270 by 2023.
- The company is competing with other major players like SpaceX and Blue Origin in the burgeoning space tourism market.
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