Virgin Galactic Shares Up 9% After FAA Clears It to Fly Again

By Stephen Nakrosis

Virgin Galactic Holdings Inc. on Wednesday said the U.S. Federal Aviation Administration concluded an inquiry that focused on details of the company's Unity 22 flight in July, adding the company has been cleared to fly FAA-licensed spaceflights.

Virgin Galactic shares rose following the news. At 5:28 p.m. ET, the stock had risen 9.7% to trade at $24.74. Volume at the time topped 655,000 shares.

The company's stock finished the day's regular-trading session with a 3.6% loss, closing at $22.56.

Virgin Galactic said the FAA advised it that corrective actions proposed by Virgin have been accepted, adding the inquiry, which began August 11, has been concluded.

Earlier this month, The Wall Street Journal reported Virgin Galactic said the spacecraft shifted out of its planned trajectory for one minute and 41 seconds, prompting the FAA to examine what happened.

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(END) Dow Jones Newswires

September 29, 2021 17:50 ET (21:50 GMT)

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