Virgin Galactic Receives NYSE Continued Listing Standard Notice
May 29 2024 - 4:17PM
Business Wire
Company Intends to Return to Compliance with
NYSE Standard
Notice Does Not Impact Trading of the Company’s
Common Stock
Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic”
or the “Company”) today announced that on May 29, 2024 it received
a notice from the New York Stock Exchange (the “NYSE”) that the
average closing price per share of its common stock did not exceed
$1.00 over a 30 consecutive trading-day period, which is required
for continued listing on the NYSE.
The Company has notified the NYSE of its intent to regain
compliance with the continued listing standards by seeking
stockholder approval at its upcoming annual meeting of stockholders
on June 12, 2024 to complete a reverse stock split of the Company's
common stock. Virgin Galactic filed a proxy statement with the U.S.
Securities and Exchange Commission on April 29, 2024 that contains
additional details about the proposed reverse stock split.
Pursuant to NYSE rules, the Company has six months after receipt
of the notice to regain compliance with Section 802.01C of the NYSE
Listed Company Manual. During this period, the Company's common
stock will continue to be listed and trade on the NYSE.
Virgin Galactic remains committed to its strategic focus of
delivering Delta Class spaceships for commercial service in 2026
and scaling the business to deliver profitable growth and
stockholder value over the long term.
About Virgin Galactic
Virgin Galactic is an aerospace and space travel company,
pioneering human spaceflight for private individuals and
researchers with its advanced air and space vehicles. Scale and
profitability are driven by next generation vehicles capable of
bringing humans to space at an unprecedented frequency with an
industry-leading cost structure. You can find more information at
https://www.virgingalactic.com/.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
in Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”) and Section 21E of the Securities Exchange Act of
1934, as amended (the “Exchange Act”). All statements contained in
this press release other than statements of historical fact,
including, without limitation, statements regarding the impact of
the NYSE notice on our business and results of operations and the
trading prices and volatility of our common stock, our ability to
cure compliance with Section 802.01C, including the ability to
obtain timely stockholder approval of the proposal authorizing our
board of directors, in their discretion, to effect a reverse stock
split or any other action intended to cure compliance with Section
802.01C, or at all, the availability or success of other options
intended to cure compliance with Section 802.01C that we may take,
and our ability to maintain compliance with the other requirements
of the NYSE’s continued listing standards, are forward-looking
statements. The words “believe,” “may,” “will,” “estimate,”
“potential,” “continue,” “anticipate,” “intend,” “expect,”
“strategy,” “future,” “could,” “would,” “project,” “plan,”
“target,” and similar expressions are intended to identify
forward-looking statements, though not all forward-looking
statements use these words or expressions. These statements are
neither promises nor guarantees, but involve known and unknown
risks, uncertainties and other important factors that may cause our
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements, including
but not limited to the risk that the NYSE notice and noncompliance
with the NYSE's continued listing standards may impact our results
of operations, business operations and reputation with or ability
to serve our stockholders and/or customers, and the trading prices
and volatility of our common stock; that any actions taken by us
that are intended to cure compliance with the NYSE's continued
listing standards, including stockholder approval of the proposal
authorizing our board of directors, in their discretion, to effect
a reverse stock split or any action that requires stockholder
approval, may not be adequate to cure compliance with the continued
listing standards or that we may otherwise fail to meet the NYSE's
continued listing standards; and the risk that we may not obtain
required stockholder approval of the proposal authorizing our board
of directors, in their discretion, to effect a reverse stock split
or any other action intended to cure compliance with the NYSE's
continued listing standards, and the other factors, risks and
uncertainties included in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2023, as such factors may be updated
from time to time in our other filings with the Securities and
Exchange Commission (the "SEC"), accessible on the SEC’s website at
www.sec.gov and the Investor Relations section of our website at
www.virgingalactic.com, which could cause our actual results to
differ materially from those indicated by the forward-looking
statements made in this press release. Any such forward-looking
statements represent management’s estimates as of the date of this
press release. While we may elect to update such forward-looking
statements at some point in the future, we disclaim any obligation
to do so, even if subsequent events cause our views to change.
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version on businesswire.com: https://www.businesswire.com/news/home/20240529062147/en/
For media inquiries: Aleanna Crane - Vice President,
Communications news@virgingalactic.com 575.800.4422
For investor inquiries: Eric Cerny - Vice President,
Investor Relations vg-ir@virgingalactic.com 949.774.7637
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