Richard Branson to Sell 22% Stake in Virgin Galactic
takyon writes:
Branson to sell part of Virgin Galactic stake
Richard Branson, the founder and largest shareholder of suborbital spaceflight company Virgin Galactic, will sell more than a fifth of Virgin Group's majority stake in the company to raise funds to aid its other companies affected by the pandemic.
In a statement May 11, the company announced that Vieco 10, the Virgin Group holding company that owns the majority of Virgin Galactic, planned to sell up to 25 million shares, accounting for about 22% of its overall stake in the company. That sale would generate $485 million for Virgin at the price of $19.40 per share at the close of trading May 11.
Virgin Group said the sale of stock, the company said in a statement and in its S-1 filing with the U.S. Securities and Exchange Commission (SEC), was "to support its portfolio of global leisure, holiday and travel businesses that have been affected by the unprecedented impact of COVID-19."
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