Virgin Galactic Sheds Another 10%+ to Record Low as Sell-Off Stretches Into Sixth Session

SPCE sank as much as 13.5% to an $8.76 intraday low despite unveiling a deal to launch three International Institute for Astronautical Sciences researchers into space aboard its new Delta spacecraft. Terms were not disclosed.

Word of the agreement didn't help Virgin Galactic's stock price, which has lost some 52.9% of its value since just June 11.

The stock has been dropping ever since the company unveiled plans for its 20-to-1 reverse split to comply with the Nasdaq's $1-minimum-share-price rule.

Prior to the reverse split – which took effect before Monday's opening bell – SPCE had been trading close to or below $1 a share for nearly three months.

Branson, who founded Virgin Atlantic Airways and has long had a personal interest in all things aviation, launched Virgin Galactic in 2004 as a commercial spaceflight company.

He took the firm public in 2019 via a special purpose acquisition company at a split-adjusted $235.80 a share, and SPCE eventually peaked at $1,256 intraday in February 2021 after accounting for the recent split's effects.

However, the stock has been nosediving ever since, losing more than 99.3% of its peak value over the past 3+ years.

Branson announced in December that while his Virgin Group remained a major shareholder, he would no longer invest additional money in the firm, arguing that it already had more than $1 billion cash on its books. He also reportedly sold more than $1 billion of his SPCE stake in recent years.