Virgin Galactic Stock Sinks 30%+ Intraday to All-Time Low After 20-to-1 Reverse Stock Split

SPCE fell as much as 33.6% to a $9.10 intraday low on the move – continuing a four-session slide that's seen the stock shed 51.1% top to bottom since its $18.60 peak last Tuesday after taking the split's effect into account.

Virgin Galactic has lost 99.3% from its February 2021 intraday peak at $1,256 after factoring in the reverse split.

Branson founded the company – which offers wealthy individuals a chance to buy tickets for space flights – in 2004. He then took Virgin Galactic public via a merger with a special purpose acquisition company (SPAC) in 2019.

While Branson's Virgin Group maintains a significant stake in the company, Branson himself reportedly sold more than $1 billion of his stake in the firm in recent years.

The billionaire also announced last December that he didn't plan to invest any further money into the business, saying that it had more than $1 billion in cash on hand at the time.