by Douglas Messier
Managing Editor

A class action lawsuit was filed in New York on Dec. 7 alleging securities fraud by Virgin Galactic, which went public on the New York Stock Exchange (NYSE) in October 2019 after merging with Chamath Palihapitiya’s Social Capital Hedosophia (SCH).

Named in the lawsuit are Virgin Galactic Holdings, CEO Michael Colglazier, former CEO George Whitesides, former current chief financial officer Doug Ahrens, and former chief financial officer Jon Compagna.

The lawsuit was filed amid years-long delays in the start of commercial human suborbital flights that have caused a sharp decline in the value of the stock. Virgin Galactic began trading on the New York Stock Exchange at an opening price of $12.34 on Oct. 28, 2019. The stock is now trading at $14.46 having previously soared to a high of $62.80.

by Douglas Messier
Managing Editor

During the SmallSat Symposium last week, Richard Branson was asked why Virgin Galactic had gone public using a special purpose acquisition company (SPAC).

“I’m impatient. The SPAC gets through all of the rigmarole of public companies. Yes, I thought, that’s great, let’s do it,” he replied.

Branson was half right. A SPAC makes it a lot easier for a company to go public. But, impatience was probably not the main reason Virgin Galactic went SPAC.

by Douglas Messier
Managing Editor

Boom Supersonic’s recent rollout of its XB-1 supersonic demonstrator aircraft marked a milestone in an accelerating race to revive an era of civilian supersonic travel that ended when the Concorde jetliner was retired in 2003.

XB-1, aka Baby Boom, is set to begin flight tests next year from the Mojave Air and Space Port in California. The Mach 2.2 (2,717 km/h, 1,688 mph) vehicle is the precursor to Boom’s 55-seat Overture airliner, which is scheduled to begin carrying passengers in 2029.

LAS CRUCES, N.M. 3 August 2020 (Virgin Galactic PR) – Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic”), a vertically integrated aerospace and space travel company, which includes its manufacturer of advanced air and space vehicles, The Spaceship Company (“TSC”), announced today the first stage design scope for the build of its high speed aircraft design, and the signing of a non-binding Memorandum of Understanding (MOU) with Rolls-Royce to collaborate in designing and developing engine propulsion technology for high speed commercial aircraft.

by Douglas Messier
Managing Editor

For nearly 16 years, Richard Branson’s obsession with space travel has been massive money pit for the billionaire’s Virgin Group. Branson’s conglomerate has poured more than $1 billion into Virgin Galactic, Virgin Orbit and The Spaceship Company without launching a single tourist or satellite into space while generating minuscule revenues and not a single penny of profit.

And yet, by the strange workings of modern finances, this money losing effort will be helping to prop up the Virgin Group, which has been laid low financially by the global COVID-19 pandemic.

MOJAVE, Calif., (Virgin Galactic PR) — Virgin Galactic Holdings, Inc. (NYSE:SPCE) (“Virgin Galactic” or “the Company”) and its wholly owned subsidiary, The Spaceship Company (“TSC”), announced today the signing of a Space Act Agreement with NASA to facilitate the development of high speed technologies.

The Space Act Agreement (“SAA”), is set to enable and foster collaboration between NASA, Virgin Galactic and The Spaceship Company in order to advance the United States’ efforts to produce technically feasible, high Mach vehicles for potential civil applications.

by George Whitesides
Virgin Galactic CEO

During the current global crisis, we believe that the space industry has a responsibility to share expertise, knowledge, resources, and ingenuity to aid in the fight against COVID-19. That’s why, today, we are proud to share that Virgin Galactic is meeting this responsibility head-on through a Space Act Agreement with NASA.

WASHINGTON (NASA PR) — NASA has joined the fight against coronavirus (COVID-19) with efforts underway across the country to augment the national response, a few of which were highlighted in a media briefing today.

EDWARDS, Calif. (NASA PR) — NASA has joined forces with a task force in Antelope Valley, in northern Los Angeles County, California, to build medical devices to help patients with coronavirus (COVID-19).

NASA’s Armstrong Flight Research Center partnered with Antelope Valley Hospital, the City of Lancaster, Virgin Galactic, The Spaceship Company (TSC), and Antelope Valley College to come up with innovative ideas to solve possible shortages of critical medical equipment.

Supporting our Communities: Our work with the Antelope Valley COVID-19 Task Force

George Whitesides
CEO Virgin Galactic and The Spaceship Company

As we all continue to feel the direct impact of COVID-19 in our day-to-day lives, I’ve been inspired by the teamwork shown in the Antelope Valley (AV) of California to respond to the challenge of COVID-19. Now more than ever, it is crucial that we share knowledge, skills and collaborate.