SPCE - What's Going On With Virgin Galactic Stock Thursday? | Benzinga
Virgin Galactic Holdings Inc (NYSE:SPCE) shares are trading lower Thursday after the company announced a reverse stock split.
What Happened: After the market close on Wednesday, Virgin Galactic announced that its board approved a 1-for-20 reverse stock split, effective after the market close on June 14.
As a result of the split, every 20 shares of the company’s common stock will be automatically reclassified into one new share. Virgin Galactic’s common stock is expected to begin trading on a split-adjusted basis on June 17.
The company said its primary goal in introducing the split is to increase its common stock’s price per share to meet the minimum bid price requirement for ...