Virgin Galactic's Board Approves Reverse Stock Split: What's Going On With The Stock?
Portfolio Pulse from Erica Kollmann
Virgin Galactic Holdings, Inc. (NYSE:SPCE) announced a 1-for-20 reverse stock split to meet NYSE listing requirements. The stock will trade on a split-adjusted basis starting June 17. Shares fell 20.17% after-hours following the announcement.
June 12, 2024 | 8:50 pm
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Virgin Galactic's board approved a 1-for-20 reverse stock split to meet NYSE listing requirements. Shares fell 20.17% after-hours, indicating investor concern.
The reverse stock split is aimed at increasing the share price to meet NYSE listing requirements. However, the significant after-hours drop of 20.17% suggests that investors are concerned about the company's future prospects.
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