Virgin Galactic Holdings (SPCE) Prices 23.6M Share Offering at $19.50/Share

Virgin Galactic Holdings, Inc. (NYSE: SPCE) announced today the pricing of its underwritten public offering of 23,600,000 shares of its common stock at a public offering price of $19.50 per share, before underwriting discounts and commissions. All of the shares are being offered by Virgin Galactic. In addition, Virgin Galactic has granted the underwriters a 30-day option to purchase up to an additional 3,540,000 shares of its common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Virgin Galactic, are expected to be $460.2 million, excluding any exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on August 10, 2020, subject to customary closing conditions.

Virgin Galactic intends to use the net proceeds from this offering primarily for general corporate purposes, including working capital, general and administrative matters and capital expenditures.

Credit Suisse and Morgan Stanley are acting as joint lead book-running managers for the offering. BofA Securities, Barclays, Goldman Sachs, UBS Investment Bank, Cowen and Jefferies are acting as joint book-running managers for the offering.

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