Virgin Galactic Raises $460.2 Million by Selling 23.6 Million Shares

SpaceShipTwo VSS Unity arrives at Spaceport America aboard WhiteKnightTwo VMS Eve. (Credit: Virgin Galactic)

MOJAVE, Calif. (Virgin Galactic PR) — Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic”), a vertically integrated aerospace and space travel company, announced today the closing of its underwritten public offering of 23,600,000 shares of its common stock at a public offering price of $19.50 per share, before underwriting discounts and commissions. All of the shares were offered by Virgin Galactic.

The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Virgin Galactic, were approximately $460.2 million, excluding any exercise of the underwriters’ option to purchase additional shares.

Virgin Galactic intends to use the net proceeds from this offering primarily for general corporate purposes, including working capital, general and administrative matters and capital expenditures.

Credit Suisse and Morgan Stanley acted as joint lead book-running managers for the offering. BofA Securities, Barclays, Goldman Sachs, UBS Investment Bank, Cowen and Jefferies acted as joint book-running managers for the offering.

Registration statements relating to the shares sold in this offering have been filed with the U.S. Securities and Exchange Commission and became effective on August 5, 2020. The offering was made only by means of a prospectus, copies of which may be obtained from: Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, Eleven Madison Avenue, 3rd floor, New York, New York 10010, or by telephone at +1 (800) 221-1037, or by email at usa.prospectus@credit-suisse.com; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.