Reported 7 months ago
Virgin Galactic's (SPCE) shares are dropping in pre-market and Thursday's market open after revealing plans for a 1-for-20 reverse stock split to boost its stock price. The space tourism company aims to maintain its stock price above a certain level to avoid being delisted from the New York Stock Exchange, with shares currently down around 12%. This move follows the completion of a commercial flight of the Unity spacecraft and ongoing efforts to reduce costs and increase sustainability in the space industry.
Source: YAHOO