Thursday, October 24, 2019

Virgin Galactic Set To Trade Monday On NYSE, After Reverse Merger

Mojave-based Virgin Galactic is set to start trading on the NYSE as SPCE on Monday, after shareholders of a blank-shell merger company owned by Chamath Palihapitiya approved the reverse merger between the companies. The two had embarked on the effort to take Virgin Galactic public via a reverse merger back in May. The reverse merger came via Social Capital Hedosophia Holdings Corp., a special purpose acquisition company (SPAC). The reverse merger gives Social Capital Hedosophia a 49 percent stake in Virgin Galactic, with Sir Richard Branson owning the 51% controlling stake. Chamath Palihapitiya is head of venture investment firm Social Capital; he was formerly an executive at Facebook.