Virgin Galactic Delays Key Flight, Plans $460 Million Share Sale
- Branson to fly in 2021 instead of this year as pandemic rages
- Company also teaming with Rolls-Royce to develop Mach 3 plane
Richard Branson
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Virgin Galactic Holdings Inc. is planning a new share sale and will delay plans to carry founder Richard Branson into space until early next year -- a milestone flight seen as the beginning of the company’s tourism business.
Branson’s trip will occur in the first quarter of 2021 instead of this year, assuming two test flights “demonstrate the expected results,” Virgin Galactic said in a statement Monday as it reported earnings. The company said the share offering would generate gross proceeds of about $460 million, to be used for general purposes.