Virgin Galactic Announces Closing of Public Offering
August 10 2020 - 4:05PM
Business Wire
Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic”),
a vertically integrated aerospace and space travel company,
announced today the closing 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 were offered by Virgin Galactic. The gross
proceeds from the offering, before deducting underwriting discounts
and commissions and other offering expenses payable by Virgin
Galactic, were approximately $460.2 million, excluding any exercise
of the underwriters’ option to purchase additional shares.
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 acted as joint lead
book-running managers for the offering. BofA Securities, Barclays,
Goldman Sachs, UBS Investment Bank, Cowen and Jefferies acted as
joint book-running managers for the offering.
Registration statements relating to the shares sold in this
offering have been filed with the U.S. Securities and Exchange
Commission and became effective on August 5, 2020. The offering was
made only by means of a prospectus, copies of which may be obtained
from: Credit Suisse Securities (USA) LLC, Attention: Prospectus
Department, Eleven Madison Avenue, 3rd floor, New York, New York
10010, or by telephone at +1 (800) 221-1037, or by email at
usa.prospectus@credit-suisse.com; or Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, Second Floor,
New York, New York 10014.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of federal securities laws, including with respect to
the expected use of proceeds from the offering, which are based on
current expectations, forecasts and assumptions, and actual
outcomes and results could differ materially from these statements
due to a number of factors. Additional risks and uncertainties that
could cause actual results to differ materially from those
indicated by the forward-looking statements made in this press
release include those discussed under the captions “Risk Factors”
and “Management's Discussion and Analysis of Financial Condition
and Results of Operation” and elsewhere in its Annual Report on
Form 10-K for the year ended December 31, 2019 and Quarterly Report
on Form 10-Q for the quarter ended June 30, 2020, as well as in its
other reports filed with the U.S. Securities and Exchange
Commission, including the registration statements relating to the
proposed offering. The forward-looking statements in this press
release are based on information available to Virgin Galactic as of
the date hereof, and Virgin Galactic disclaims any obligation to
update any forward-looking statements provided to reflect any
change in its expectations or any change in events, conditions or
circumstances on which any such statement is based, except as
required by law. These forward-looking statements should not be
relied upon as representing Virgin Galactic’s views as of any date
subsequent to the date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20200810005702/en/
For media inquiries please contact:
VirginGalacticPress@virgingalactic.com
US, Canada, South America, Australia – Antonia Gray, FTI
Consulting UK, Middle East, Asia, Africa – Charles Palmer, FTI
Consulting VirginGalacticFin@fticonsulting.com
For Investor Relations inquiries please contact:
VirginGalactic-SVC@SARDVERB.com
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