|Bid||10.37 x 1100|
|Ask||10.39 x 47300|
|Day's Range||10.34 - 10.39|
|52 Week Range||9.92 - 11.23|
|Beta (3Y Monthly)||-0.01|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Virgin Galactic is raising $800 million from special-purpose acquisition company, Social Capital Hedosophia Holdings, for a 49% stake in the company to go public. Virgin Galactic has already sold 600 tickets to aspiring astronauts, bringing in a reported $80 million. Dan Ives, Wedbush Securities Managing Director, joins Yahoo Finance to discuss.
News broke Tuesday that Virgin Galactic, Richard Branson's space-tourism venture, will go public. Virgin Galactic won't, however, have a traditional IPO. Instead, a special purpose acquisition company, or SPAC, which is already publicly traded, will buy part of the company.
U.S. stocks fell Tuesday as investors continued to anticipate that the Federal Reserve would unwind plans to shift policy in a more dovish direction.
The company will list its shares as part of a merger with Social Capital Hedosophia Holdings Corp , a special purpose acquisition company (SPAC), which will also take a 49% stake in Virgin Galactic for about $800 million, a source who worked on the deal told Reuters. The SPAC deal allows Virgin Galactic to go public sooner, compared with a traditional initial public offering, which the company might have considered in six to nine months following its first commercial flight, the source said. Branson founded space ventures like Virgin Galactic and Virgin Orbit to cash in on burgeoning demand for space travel and launch services for a boom in the number of smaller satellites.
July 9 (Reuters) - Billionaire Richard Branson's space-tourism venture, Virgin Galactic, plans to public by the end of this year as part of a deal with a special purpose acquisition company (SPAC) created by venture-capital firms Social Capital and Hedosophia, the companies said on Tuesday. Social Capital Hedosophia Holdings will take a 49% stake in Virgin Galactic. (Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel)
British billionaire Richard Branson's Virgin Galactic plans a stock market listing by the end of the year, becoming the first space tourism firm to tap public markets for funding. The move will give Branson's venture the much-needed capital in the race to space against rivals such as Jeff Bezos' Blue Origin and Elon Musk's SpaceX. The company will list its shares as part of a merger with Social Capital Hedosophia Holdings Corp, a special purpose acquisition company, which will take a 49% stake in Virgin Galactic.
The company already has an agreement in place to raise $800 million through a merger with Social Capital Hedosophia Holdings (NYSE: IPOA), which will buy a 49% stake in the new company. Virgin Galactic expects to use the proceeds from the IPO and Social Capital to finance the business until its spaceships can fulfill its purpose and generate a profit. Virgin Galactic is a business that will deliver to investors "software-like margins," Palihapitiya said.
VIRGIN GALACTIC ("VG") and SOCIAL CAPITAL HEDOSOPHIA ("SCH"), a public investment vehicle sponsored by Social Capital and Hedosophia, announced that the boards of directors of each company have approved a definitive agreement under which VG and SCH will merge, with the current shareholders of SCH expected to own up to approximately 49% of the combined company. Upon closing of the transaction, which is expected in the second half of 2019, VG will be introduced as the first and only publicly traded commercial human spaceflight company.
The deal was earlier reported by the Wall Street Journal, which said the SPAC, Social Capital Hedosophia Holdings Corp , will invest about $800 million for a 49% stake in Virgin Galactic. The deal could be announced as early as Tuesday morning, said the source, who declined to be named because the matter is confidential.
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