Summary by Moomoo AI
On June 12, 2024, Virgin Galactic Holdings, Inc. announced the approval of a 1-for-20 reverse stock split by its board of directors, aimed at increasing the per-share market price to satisfy NYSE's minimum bid price requirement for continued listing. The reverse stock split is scheduled to take effect after market close on June 14, 2024, with the common stock trading on a split-adjusted basis from the market opening on June 17, 2024. Shareholders will receive cash in lieu of fractional shares resulting from the split, based on the closing sales price on June 14. The decision followed a stockholder approval at the annual meeting on the same day. Virgin Galactic is a spaceflight company focused on human spaceflight for private individuals and researchers. The reverse stock split is part of the company's efforts to comply with NYSE listing standards and does not affect the number of authorized shares or the par value of the common stock.