MOJAVE, Calif. (Virgin Galactic PR) — Virgin Galactic announced today that it has mated the fuselage and cabin of its next spaceship to the completed wing assembly. In addition, the two tail booms have been mated to the spaceship’s rear feather flap assembly. The completion of these two milestones brings assembly of the next SpaceShipTwo, planned to enter service after VSS Unity, a major step forward.
At a meeting on Monday, shareholders of Social Capital Hedosophia (SCH) gave approval to the public company to move forward with an $808 million merger deal with Sir Richard Branson’s Virgin Galactic.
“Holders of 66,333,089 of the Company’s ordinary shares, which represents 76.9% of the ordinary shares outstanding and entitled to vote as of the record date of August 8, 2019, were represented in person or by proxy,” Social Capital said in a document filed with the Securities and Exchange Commission (SEC).
The shareholders approved two resolutions. The first extends the date for completing the merger from Sept. 18 to Dec. 18, 2019.
The second resolution “extends the date on which the Trustee must liquidate the trust account established in connection with the Company’s initial public offering” if the SCH and Virgin Galactic do not complete the merger by Dec. 18.
Under terms of the deal, SCH would own up to approximately 49% of the combined space tourism company, which would be publicly traded. SCH founder Chamath Palihapitiya would become chairman of the board.
For more details about the deal, read the announcement here.
As shareholders in Chamath Palihapitiya’s Social Capital Hedosophia prepare to vote on an $808 million merger with Richard Branson’s Virgin Galactic on Monday, it seemed like a good time to take a closer look at it.
Fortunately, Virgin and Social Capital have filed a new 8K form with the Securities and Exchange Commission (SEC) that includes anupdated PowerPoint documenttitled Analyst Day Presentation that is dated Sept. 5.
The presentation is 100 slides long. I’ve gone through and excerpted the highlights so that you don’t have to. But, if you want to read the whole thing, visit this page and scroll down.
CityAM reports that Sir Richard Branson’s $808 million deal to merge Virgin Galactic with venture capitalist Chamath Palihapitiya’s Silicon Valley investment vehicle faces a crucial vote of confidence on Monday.
Would-be shareholders will vote on whether to back the entry via investment vehicle Social Capital Hedosophia (SCH), or whether to withdraw their cash entirely.
SCH was formed in 2017 and already trades on the New York Stock Exchange. It plans to merge with Virgin Galactic, bringing the space travel venture onto the market in an unconventional move which would avoid the traditional risks of an Initial Public Offering.
The deadline for this is fast approaching, and looks set to be missed, however, which would see SCH go into liquidation.
In that case, investors get back $712m (£578m) next week. They will vote tomorrow on whether to allow this to happen or whether to postpone the deadline for a merger until December and subsequently keep their cash in the Virgin Galactic float.
Virgin Galactic and Social Capital Hedosophia announced the merger, actually a reverse acquisition, two months ago. The deal would see Palihapitiya become chairman of the company and Adam Bain join the board. Bain previously served as chief operating officer of Twitter.
Virgin Galactic is currently spending about $16 million per month ($190 million annually),. according to a presentation filed with the Securities and Exchange Commission (SEC).
Virgin Galactic previously received an investment of $390 million from an Abu Dhabi’s sovereign wealth fund. Branson broke off a MOU with Saudi Arabia for a $1 billion investment with an option for $480 million more in Virgin Galactic, Virgin Orbit and The Spaceship Company.
The Male Strip Revue Club in Talks with Virgin Atlantic to Send Dancer to Strip in Space
NEW YORK, Aug. 23, 2019 (Hunk-O-Mania PR — An interstellar strip show is in the works. Armand Peri, entrepreneur and founder of Hunk-O-Mania, a nationwide chain of male strip revues, is making history by sending one his dancers, Rudy Bundini, to space.
Sometime in 2020, if all goes according to plan, British billionaire Richard Branson will board Virgin Galactic’s SpaceShipTwo VSS Unity at Spaceport America in New Mexico and take the first commercial suborbital space flight in history.
The landmark flight, which Virgin has been trying to conduct for 15 years, will also be the culmination of a 30-year effort by New Mexico to become a commercial space power.
Virgin Galactic opened its Gateway to Space at Spaceport America in New Mexico to the press on Thursday. The opening came nearly eight years after Sir Richard Branson opened the hangar/terminal facility during a dedication ceremony in October 2011.
Earlier this week, the WhiteKnightTwo VMS Eve carrier aircraft relocated to Spaceport America from Mojave. Calif. SpaceShipTwo VSS Unity is set to join it later this year for a series of three or four additional suborbital flight tests.
Branson plans to be aboard the first commercial flight from the New Mexico spaceport next year.
LAS CRUCES, NM, August 15, 2019 (Virgin Galactic PR) — Virgin Galactic today revealed the first look at the interior fit-out of its Gateway to Space building at Spaceport America in New Mexico. The work completed showcased two floors of the building primarily focused on spaceflight operations, which also incorporates communal spaces designed for use in the future by Virgin Galactic customers, along with their friends and families. Completion of this interior work means the spaceport facility is now operationally functional and able to support Virgin Galactic’s flight requirements.
Bill Richardson, who pushed through the construction of the world’s first purpose-built commercial spaceport as governor of New Mexico, has been accused of involvement in a sex trafficking ring run by the deceased financier Jeffrey Epstein and socialite Ghislaine Maxwell.
The Daily Beastreports on court documents that were unsealed last week in a defamation suit against Maxwell by a woman who claimed she was forced to have sex with Richardson and other prominent figures:
MOJAVE, Calif. (Virgin Galactic PR) — The Spaceship Company (TSC), Virgin Galactic’s space-system manufacturing organization, has completed the systems install and main structure for the wing of the next spaceship in Virgin Galactic’s fleet. The completion of this significant assembly means that the team can begin preparing for the mate of the spaceship’s fuselage to the new wing and moves it closer to beginning its flight test program.
Ten years ago, Mohamed Badawy Al-Husseiny was sitting next to Sir Richard Branson at the Oshkosh air show signing a deal on behalf of Abu Dhabi to invest $280 million in the British billionaire’s space tourism venture, Virgin Galactic.
The wealthy CEO of Abu Dhabi’s sovereign wealth fund, aabar investments, likely had dreams of gazing down on Earth while floating in space aboard Virgin’s SpaceShipTwo.
Today, Al-Husseiny is sitting in a jail cell serving a 10-year sentence for financial crimes. He also has been implicated in one of the largest financial frauds in history involving the theft of more than $4 billion.
A Virgin Galactic spokeswoman tells me that SpaceShipTwo VSSUnity remains in Mojave as its passenger cabin is fitted out for commercial flights.
The spacecraft is set to join WhiteKnightTwo VMS Eve at Spaceport America in New Mexico later this year to complete a series of flights that began in Mojave. Commercial suborbital flights are set to begin from there in 2020.
The company is planning an event on Thursday, Aug. 15, in which they will unveil the inside of the Virgin Galactic Gateway to Space in New Mexico.
Nearly eight years after Richard Branson dedicated the Virgin Galactic Gateway to Space at Spaceport America before a crowd that included Titanic star Kate Winslet and British royal Princess Beatrice, his suborbital space tourism company is moving its WhiteKnightTwo carrier aircraft there.
When Branson dedicated the gateway facility in October 2011, the giant building was largely empty. Virgin Galactic says it is now ready to show off what customers will experience inside the structure.
According to who you talk to, the Federal Aviation Administration’s (FAA) proposed streamlining of launch and re-entry regulations is either a prudent step forward that provides much-needed flexibility while protecting public safety or a a confusing mess that’s a massive step backward.
Mike Alsbury never made it to space, but he will be honored on a memorial to fallen astronauts in Florida.
The Astronaut Memorial Foundation (AMF) has voted to add Alsbury’s name to the Space Mirror Memorial at the Kennedy Space Center Visitor Complex.
The Scaled Composites pilot died over the Mojave Desert in the breakup of SpaceShipTwo Enterprise during a flight test on Oct. 31, 2014. Pete Siebold was seriously injured as he parachuted to safety.
AMF needed to change its criteria in order to place Alsbury’s name on the mirror. Previous rules limited the list to 24 men and women who died during human spaceflight missions or while in training for such missions sponsored by the United States government.
Alsbury was on a private flight test for his employer, which was developing the SpaceShipTwo suborbital tourism vehicle for Virgin Galactic. The flight was not scheduled to reach suborbital space, which the United States defines as 50 miles (80.4 km).