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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Virgin Galactic Holdings Inc | NYSE:SPCE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.27 | 3.10% | 8.98 | 9.23 | 8.56 | 8.68 | 483,978 | 16:19:49 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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(Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading |
Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. | Other Events. |
On June 12, 2024, Virgin Galactic Holdings, Inc. (the “Company”) issued a press release announcing that its board of directors has approved a 1-for-20 reverse stock split (the “Reverse Stock Split”).
The Reverse Stock Split is expected to become effective at 5:00 p.m. Eastern Time on June 14, 2024, after close of trading on the New York Stock Exchange (“NYSE”). The Company’s common stock is expected to commence trading on a split-adjusted basis when the market opens on June 17, 2024.
Pursuant to the Reverse Stock Split, every 20 shares of the Company’s common stock issued and outstanding as of the effective date will be automatically reclassified into one share of the Company’s common stock. The Company’s stockholders will be entitled to receive cash in lieu of any fractional shares they would otherwise be entitled to receive in the Reverse Stock Split.
A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Exchange Act. All statements contained in this report other than statements of historical fact, including, without limitation, statements regarding the expected timing of the Reverse Stock Split, the effects of the Reverse Stock Split, including the expected payment of cash in lieu of fractional shares, and the anticipated timing of the commencement of trading of the Common Stock on a split-adjusted basis, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the risk that the Reverse Stock Split may impact the Company’s results of operations, business operations and reputation with or ability to serve its stockholders and/or customers, and the trading prices and volatility of the Common Stock; the Reverse Stock Split may not be adequate to cure compliance with Section 802.01C of the NYSE Listed Company Manual or that the Company may otherwise fail to meet the NYSE’s continued listing standards, and the other factors, risks and uncertainties included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as such factors may be updated from time to time in the Company’s other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of the Company’s website at www.virgingalactic.com, which could cause the Company’s actual results to differ materially from those indicated by the forward-looking statements made in this report. Any such forward-looking statements represent management’s estimates as of the date of this report. While the Company may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, even if subsequent events cause the Company’s views to change.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit No. |
Description | |
99.1 | Press Release of Virgin Galactic Holdings, Inc., dated June 12, 2024 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 12, 2024 | VIRGIN GALACTIC HOLDINGS, INC. | |||||
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By: | /s/ Sarah Kim | ||||
Name: | Sarah Kim | |||||
Title: | Executive Vice President, Chief Legal Officer and Secretary |
Exhibit 99.1
Virgin Galactic to Effect a Reverse Stock Split
SPCE common stock expected to begin trading on a 1-for-20 split adjusted basis on June 17, 2024
Virgin Galactic Holdings, Inc. (NYSE: SPCE) (Virgin Galactic or the Company) today announced that its Board of Directors has approved a 1-for-20 reverse stock split of the Companys common stock. The reverse stock split is expected to become effective at 5:00 p.m. Eastern Time on June 14, 2024, after close of trading on the New York Stock Exchange (NYSE). The Companys common stock is expected to commence trading on a split-adjusted basis when the market opens on June 17, 2024 under the existing trading symbol SPCE. The new CUSIP number for the Companys common stock following the reverse stock split will be 92766K 403.
The primary goal of the reverse stock split is to increase the per share market price of the Companys common stock to meet the minimum per share bid price requirement for continued listing on the NYSE. The reverse stock split was approved by the Companys stockholders at its annual meeting of stockholders held on June 12, 2024. On June 12, 2024, following the annual meeting of stockholders, the Companys Board of Directors approved the reverse stock split at the ratio of 1-for-20.
As a result of the reverse stock split, every 20 shares of the Companys common stock issued and outstanding will be automatically reclassified into one new share of the Companys common stock. Proportionate adjustments will be made to the exercise prices and the number of shares underlying the Companys outstanding equity awards, as applicable, as well as to the number of shares issuable under the Companys equity incentive plans and certain existing agreements. The common stock issued pursuant to the reverse stock split will remain fully paid and non-assessable. The reverse stock split will not decrease the number of authorized shares of common stock or otherwise affect the par value of the common stock.
No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to receive fractional shares as a result of the reverse stock split will be entitled to a cash payment in lieu thereof at a price equal to the fraction to which the stockholder would otherwise be entitled multiplied by the closing sales price per share of the common stock (as adjusted to give effect to the reverse stock split) on the NYSE on June 14, 2024, the date of the effective time of the reverse stock split.
Continental Stock Transfer & Trust (Continental), the Companys transfer agent, is acting as the exchange agent for the reverse stock split. Stockholders holding their shares electronically in book-entry form and stockholders who hold their shares through a bank, broker or other nominee will not need to take any action. Stockholders owning shares through a bank, broker or other nominee will have their positions adjusted to reflect the reverse stock split and will receive payment for any fractional shares in accordance with their respective banks, brokers, or nominees particular processes.
Additional information about the reverse stock split can be found in the Companys definitive proxy statement filed with the Securities and Exchange Commission (the SEC) on April 29, 2024, which is available free of charge at the SECs website, www.sec.gov, and on the Companys website at https://www.virgingalactic.com/.
About Virgin Galactic
Virgin Galactic is an aerospace and space travel company, pioneering human spaceflight for private individuals and researchers with its advanced air and space vehicles. Scale and profitability are driven by next generation vehicles designed to be capable of bringing humans to space at an unprecedented frequency with an industry-leading cost structure. You can find more information at https://www.virgingalactic.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the Securities Act) and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the expected timing of the reverse stock split, the effects of the reverse stock split, including the expected payment of cash in lieu of fractional shares, the anticipated timing of the commencement of trading of the Common Stock on a split-adjusted basis, the impact of the reverse stock split on the Companys share price, and the Companys ability to meet the minimum per share bid price requirement for continued listing on the NYSE, are forward-looking statements. The words believe, may, will, estimate, potential, continue, anticipate, intend, expect, strategy, future, could, would, project, plan, target, and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to, any delay in the planned reverse stock split, our ability to continue to comply with applicable listing standards of the NYSE, the reverse stock split may impact our results of operations, business operations and reputation with or ability to serve our stockholders and/or customers, the trading prices and volatility of the common stock, and the other, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the SEC), accessible on the SECs website at www.sec.gov and the Investor Relations section of our website at www.virgingalactic.com, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent managements estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
For media inquiries:
Aleanna Crane Vice President, Communications
news@virgingalactic.com
575.800.4422
For investor inquiries:
Eric Cerny Vice President, Investor Relations
vg-ir@virgingalactic.com
949.774.7637
Document and Entity Information |
Jun. 12, 2024 |
---|---|
Cover [Abstract] | |
Entity Registrant Name | Virgin Galactic Holdings, Inc |
Amendment Flag | false |
Entity Central Index Key | 0001706946 |
Document Type | 8-K |
Document Period End Date | Jun. 12, 2024 |
Entity Incorporation State Country Code | DE |
Entity File Number | 001-38202 |
Entity Tax Identification Number | 85-3608069 |
Entity Address, Address Line One | 1700 Flight Way |
Entity Address, City or Town | Tustin |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92782 |
City Area Code | (949) |
Local Phone Number | 774-7640 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common stock, $0.0001 par value per share |
Trading Symbol | SPCE |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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