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US: Virgin Galactic becomes a space tourism stock

By  |  October 28, 2019

Virgin Galactic, the space venture backed by Sir Richard Branson, is ready to launch – not into space but on the New York Stock Exchange (NYSE).

Shares in Virgin Galactic are set to start trading on Monday, October 28, a first for a space tourism company.

The move follows Virgin’s merger with publicly-listed Silicon Valley holding firm Social Capital Hedosophia. That deal brought US$800 million to Virgin as it rushes to meet its goal of sending customers to space in 2020.

Taking the firm public will “open space to more investors and in doing so, open space to thousands of new astronauts,” Sir Richard Branson, founder of Virgin Galactic, said at the time.

Social Capital Hedosophia is already listed on the NYSE, allowing Virgin to sell shares without following the traditional stock offering process.

Full Content: Bloomberg

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