Virgin Galactic raises more than $450 million in secondary offering priced at $19.50 a share
Virgin Galactic Inc. sold 23.6 million shares in a secondary offering priced at $19.50 a share, the space-tourism company announced Monday afternoon, raising about $460 million. Virgin Galactic shares took a hit after the company announced the stock offering last week at the same time as quarterly earnings, which showed no revenue for the three-month period and continued to push back the timeline for the beginning of trips to space. Virgin Galactic priced the fresh shares in line with where they have been trading since the decline after earnings; shares closed Monday at $19.23, after closing at higher than $24 ahead of last week's earnings report. Underwriters still have access to additional shares.
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