Spacecraft VSS Unity lands on the runway at Spaceport America in New Mexico after the company’s fourth spaceflight check on July 11, 2021.
Virgin Galactic
Shares of Virgin Galactic fell in buying and selling on Thursday after the company introduced plans to raise up to $500 million in debt.
“The company intends to use the web proceeds from the providing to fund working capital, common and administrative issues and capital expenditures to speed up the event of its spacecraft fleet,” Virgin Galactic stated in a press launch.
The company intends to raise $425 million from the sale of 2027 convertible senior notes by means of a non-public providing, with an extra $75 million choice additionally anticipated to be granted to patrons.
Virgin Galactic stock fell as a lot as 12% in premarket buying and selling from its earlier shut of $12.37.
Sir Richard Branson’s Virgin Galactic went public via a merger with a special purpose acquisition company, or SPAC, from Chamath Palihapitiya in October 2019. While the space tourism company stated throughout its debut that it deliberate to start flying prospects in 2020, delays to its spacecraft testing and improvement have steadily pushed that schedule again.
After launching Branson and three different company workers on a test spaceflight in July 2021, additional delays have pushed Virgin Galactic’s starting of business service to late this yr on the earliest.