Aerospace company Virgin Galactic (VG) has announced it has completed its business combination with Social Capital Hedosophia (SHC), a public investment vehicle, the company said.
The resulting company is named Virgin Galactic Holdings, Inc. (“VGH”) and its common stock, units and warrants are expected to commence trading on the New York Stock Exchange under the new ticker symbol “SPCE”, “SPCE.U” and “SPCE WS”, respectively, on October 28, 2019. The Company manufactures its space vehicles in Mojave, California, through its aerospace development subsidiary The Spaceship Company, with commercial operations centered at Spaceport America in New Mexico.
VG already has customer reservations from more than 600 people in 60 countries representing approximately $80 million in total collected deposits, and over $120 million of potential revenue. The completion of this merger and trading as a public company are the next milestones on the path towards building a thriving commercial service business and investing appropriately for the future.
As a result of this transaction, Virgin Galactic has received over USD 450m of primary proceeds and as at market close on Friday 25th October, the business has a market capitalization of USD 2.3bn. Going forward, existing Virgin Galactic shareholders will own nearly 59%.
Virgin Galactic Holdings, Inc. pioneers human spaceflight for private individuals and researchers. It believes the commercial exploration of space represents one of the most exciting and significant technology initiatives of our time.