Virgin Galactic Implements 1-for-20 Reverse Stock Split to Maintain NYSE Listing
The space tourism company aims to boost its share price after prolonged trading below $1 per share.
- Virgin Galactic's board approved the reverse stock split, effective June 14, to consolidate 20 shares into 1.
- The split is intended to raise the share price and meet the New York Stock Exchange's minimum requirements.
- Virgin Galactic shares have been trading below $1 for over a month, risking delisting from the NYSE.
- The company is pausing spaceflights to focus on developing new, more efficient Delta-class spaceplanes.
- Virgin Galactic's stock price has fallen significantly since its 2021 peaks, prompting strategic adjustments.
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Benzinga 