Virgin Galactic Board Approves 1-for-20 Reverse Stock Split; Effective June 14, 2024, After Market Close; Split-Adjusted Trading Begins June 17, 2024
Portfolio Pulse from Benzinga Newsdesk
Virgin Galactic's board has approved a 1-for-20 reverse stock split, effective June 14, 2024, after market close. Split-adjusted trading will begin on June 17, 2024.
June 12, 2024 | 8:32 pm
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Virgin Galactic has approved a 1-for-20 reverse stock split, effective June 14, 2024. This move is likely aimed at boosting the stock price by reducing the number of shares outstanding.
A reverse stock split reduces the number of shares outstanding, which can increase the stock price. However, it does not change the company's market capitalization. The impact on the stock price in the short term is uncertain as it depends on market perception.
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