(Finance) – The board of Virgin Galacticthe company created by tycoon Richard Branson to make a suborbital spaceflight offering for the commercial market, has approved a reverse stock split 1:20 of ordinary shares. The shares will begin trading on a split-adjusted basis when the market opens on June 17th 2024 under the existing trading symbol “SPCE”.
The primary objective of the reverse stock split is to increase the market price per share of common stock for meet the minimum requirement of price per share to continue the listing on New York Stock Exchange (NYSE).
The share split was approved by the shareholders at theannual meeting dated June 12, 2024. Following the stock split, every 20 shares of the Company’s common stock issued and outstanding will automatically be reclassified into one new common share.