- SEC filing shows plan to sell $500 million worth of stock…
- Branson beats Bezos in space race…
- Blue Origin throws shade while Musk buys in..
Virgin Galactic’s (NASDAQ: SPCE) stock quickly gives up its rocketing share price after the spaceflight company filed for a massive stock sale.
A new Form 8-K filing with the SEC shows Virgin Galactic plans to sell $500 million worth of its common stock.
SPCE stock fell on news of that sale today, quickly giving up all of the pre-market gains that had been prompted by Founder Richard Branson’s successful test flight to space over the weekend.
Shares closed 17.38% lower in today’s session, after rising as much as 7% in premarket trade.
At Friday’s closing price of $49.20 per share, the SPCE stock sale would equate to about 10.2 million shares.
Even with today’s drop, shares are still up nearly 70% YTD as investors poured into the stock ahead of its highly anticipated spaceflight.
Branson Takes SPCE Stock to Orbit
Richard Branson and Virgin Galactic officially beat out Jeff Bezos and Blue Origin over the weekend.
On Sunday, Branson joined a full crew aboard the VSS Unity to blast off to space from the company’s Spaceport in New Mexico.
The crew featured two pilots, three Virgin Galactic employees, and Branson himself.
The spacecraft is designed to carry six passengers with two pilots.
The company already has about 600 reservations for tickets for future passenger flights to space and was officially cleared by the FAA in June to conduct those flights.
Branson has denied there’s any type of “space race” between himself and Bezos, but his successful flight comes just 9 days before Bezos is scheduled to do the same on a Blue Origin rocket.
And Blue Origin seemed to throw a bit of shade at Virgin Galactic ahead of this weekend’s flight.
In a pair of tweets on Friday, the spaceflight company seemed to say Branson wasn’t actually going to cross into space.
From the beginning, New Shepard was designed to fly above the Kármán line so none of our astronauts have an asterisk next to their name. For 96% of the world’s population, space begins 100 km up at the internationally recognized Kármán line. pic.twitter.com/QRoufBIrUJ— Blue Origin (@blueorigin) July 9, 2021
Only 4% of the world recognizes a lower limit of 80 km or 50 miles as the beginning of space. New Shepard flies above both boundaries. One of the many benefits of flying with Blue Origin. pic.twitter.com/4EAzMfCmYT— Blue Origin (@blueorigin) July 9, 2021
Blue Origin posted an infographic showing its New Shepard spacecraft flies higher than Virgin Galactic’s Unity spacecraft, saying the VSS Unity has no escape system, accusing Virgin Galactic of having a high ozone layer impact, and more.
But those digs don’t seem to have been received well by Twitter users with one replying “no class” and others defending Virgin Galactic as the “more affordable” option and highlighting how they still completed the mission first.
And another space-focused billionaire is betting on Virgin Galactic.
A company spokesperson told the Wall Street Journal that Tesla and SpaceX CEO Elon Musk has purchased a ticket to fly to space with Branson’s company.
It’s unclear where on the waiting list Musk sits and tickets have sold for $250,000.
Virgin Galactic plans to fly two more test flights and is aiming to begin commercial flights in 2022.
The company is running a sweepstake with Omaze to win two tickets on one of its first commercial flights.
Featured cover image editorial Credit: Sergei Elagin / Shutterstock.com