- $4$4 fell as much as 6% on Friday after
shareholders filed to sell up to 113 million shares. - Shareholders aim to sell up to roughly 105 million outstanding shares of common stock and up to 8 million shares of common stock issuable upon the exercise of warrants, according to a Securities and Exchange Commission $4 published Thursday.
- The filing doesn't specify when the selling could begin.
- The filing comes as shares sit roughly 120% higher year-to-date.
- $4.
$4 tumbled as much as 6% on Friday after shareholders moved to sell up to 113 million shares.
In a Securities and Exchange Commission $4 published Thursday, stockholders announced efforts to resell up to about 105 million outstanding shares of common stock and up to 8 million shares of common stock issuable upon the exercise of warrants.
The resale efforts come as Virgin Galactic shares sit about 120% higher year-to-date.
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Shares recently weathered stronger volatility as the company prepares for its first manned test flight out of Spaceport America in New Mexico. The stock $4 on December 7 as investors bet on a successful test, but rocket engine issues postponed the flight and $4 on December 14.
"Virgin Galactic is now conducting post-flight analysis and can so far report that the onboard computer which monitors the propulsion system lost connection, triggering a fail-safe scenario that intentionally halted ignition of the rocket motor," the company said in a statement.
It's unclear when the test flight will be rescheduled. The initial plans to hold the test in November were already delayed once after rising COVID-19 cases in New Mexico squandered launch efforts.
Virgin Galactic closed at $25.50 on Thursday. The company has five "buy" ratings and four "hold" ratings from analysts, with a consensus price target of $24.56.
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