Reported 10 months ago
Shares of Virgin Galactic Holdings Inc. dropped significantly following the approval by the company's board of directors for a 1-for-20 reverse stock split to maintain listing on the NYSE. The proposed split, aimed at increasing the stock's price, was initiated after shares fell below $1 for the first time. Virgin Galactic is taking a step back from space tourism to focus on developing new spaceplanes, known as Delta.
Source: YAHOO