Virgin Galactic Announces Closing of Public Offering

Virgin Galactic Holdings, Inc., has closed 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.

(Source: Virgin Galactic news release. Image provided)