What's Going On With Virgin Galactic Stock Thursday?
Portfolio Pulse from Adam Eckert
Virgin Galactic Holdings Inc (NYSE:SPCE) shares are trading lower after the company announced a 1-for-20 reverse stock split, effective June 14. The split aims to increase the stock price to meet NYSE's minimum bid price requirement.
June 13, 2024 | 1:17 pm
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Virgin Galactic announced a 1-for-20 reverse stock split to increase its stock price and meet NYSE's minimum bid price requirement. The stock is trading lower as a result.
The reverse stock split is a significant corporate action aimed at increasing the stock price to meet listing requirements. However, such actions often lead to a negative market reaction in the short term, as seen with the 12.6% drop in share price.
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