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 space tourism company to be publicly traded on the NYSE following a merger with Social Capital Hedosophia (SCH).
- The merger injected $800 million, with SCH owning approximately 49% and Sir Richard Branson's Virgin Galactic retaining a 51% controlling stake.
- Despite a limited flight history, Virgin Galactic has secured over 600 pre-commercial customers with $80 million in deposits and plans for significant commercial operations by 2023.
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