NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Virgin Galactic announces reverse stock split

Published 06/12/2024, 04:47 PM
Updated 06/12/2024, 05:01 PM
© Reuters. FILE PHOTO: Virgin Galactic (SPCE) logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) as the company begins public trading in New York, U.S., October 28, 2019. REUTERS/Brendan McDermid/File Photo

(Reuters) -Space tourism company Virgin Galactic announced a 1-for-20 reverse stock split on Wednesday, sending its shares down 19% in extended trading.

The stock split is expected to go into effect on June 14 after markets close and resume trading on a split-adjusted basis after markets open on June 17.

© Reuters. FILE PHOTO: Virgin Galactic (SPCE) logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) as the company begins public trading in New York, U.S., October 28, 2019. REUTERS/Brendan McDermid/File Photo

The company is planning the stock split to meet minimum share price requirements to continue listing on the New York Stock Exchange, Virgin Galactic said.

The company's shares were trading at 70 cents per share after the bell, and have fallen more than 65% so far this year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.