Shares in Virgin Galactic (SPCE) plunged more than 8% in premarket trading Thursday after the space tourism company announced a 1-for-20 reverse stock split
The stock initially fell roughly 20% in Wednesday’s extended trading after the announcement.
Virgin Galactic said the split will take effect after markets close on June 14, with trading resuming on a split-adjusted basis on June 17.
It stated the move is intended to meet the New York Stock Exchange’s minimum share price requirements.
The company’s stock has declined over 65% in 2024.
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