Virgin Galactic Holdings (SPCE) to Effect 1:20 Reverse Share Split

June 12, 2024 4:31 PM EDT

Virgin Galactic Holdings, Inc. (NYSE: SPCE) today announced that its Board of Directors has approved a 1-for-20 reverse stock split of the Company’s common stock. The reverse stock split is expected to become effective at 5:00 p.m. Eastern Time on June 14, 2024, after close of trading on the New York Stock Exchange (“NYSE”). The Company’s common stock is expected to commence trading on a split-adjusted basis when the market opens on June 17, 2024 under the existing trading symbol “SPCE.” The new CUSIP number for the Company’s common stock following the reverse stock split will be 92766K 403.

The primary goal of the reverse stock split is to increase the per share market price of the Company’s common stock to meet the minimum per share bid price requirement for continued listing on the NYSE. The reverse stock split was approved by the Company’s stockholders at its annual meeting of stockholders held on June 12, 2024. On June 12, 2024, following the annual meeting of stockholders, the Company’s Board of Directors approved the reverse stock split at the ratio of 1-for-20.

As a result of the reverse stock split, every 20 shares of the Company’s common stock issued and outstanding will be automatically reclassified into one new share of the Company’s common stock. Proportionate adjustments will be made to the exercise prices and the number of shares underlying the Company’s outstanding equity awards, as applicable, as well as to the number of shares issuable under the Company’s equity incentive plans and certain existing agreements. The common stock issued pursuant to the reverse stock split will remain fully paid and non-assessable. The reverse stock split will not decrease the number of authorized shares of common stock or otherwise affect the par value of the common stock.

No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to receive fractional shares as a result of the reverse stock split will be entitled to a cash payment in lieu thereof at a price equal to the fraction to which the stockholder would otherwise be entitled multiplied by the closing sales price per share of the common stock (as adjusted to give effect to the reverse stock split) on the NYSE on June 14, 2024, the date of the effective time of the reverse stock split.

Continental Stock Transfer & Trust (“Continental”), the Company’s transfer agent, is acting as the exchange agent for the reverse stock split. Stockholders holding their shares electronically in book-entry form and stockholders who hold their shares through a bank, broker or other nominee will not need to take any action. Stockholders owning shares through a bank, broker or other nominee will have their positions adjusted to reflect the reverse stock split and will receive payment for any fractional shares in accordance with their respective bank’s, broker’s, or nominee’s particular processes.

Additional information about the reverse stock split can be found in the Company’s definitive proxy statement filed with the Securities and Exchange Commission (the “SEC”) on April 29, 2024, which is available free of charge at the SEC’s website,, and on the Company’s website at

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