Virgin Galactic to reprice stock with 1-for-20 ‘reverse split’

Virgin Galactic (NYSE: SPCE) is repricing its shares, with a 1-for-20 reverse stock split intended to bring the stock into alignment with Wall Street listing rules.

The stock, down 14% today at 73 cents per share, will need to meet the New York Stock Exchange’s minimum bid price requirement for continued listing.

Despite recent successful launches the ‘space tourism’ company sees it shares some 69% lower in 2024 to date.

The reverse stock split will see every 20 shares of Virgin Galactic’s stock exchanged for one new share.  No fractional shares will be issued, instead, shareholders will receive cash payments in lieu of fractional shares.