News Details

Virgin Galactic Announces Proposed Public Offering of Common Stock

August 3, 2020

MOJAVE, Calif.--(BUSINESS WIRE)-- Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic”), a vertically integrated aerospace and space travel company, announced today that it has commenced an underwritten public offering of 20,489,977 shares of its common stock, for expected gross proceeds of approximately $460 million. All of the shares in the offering will be sold by Virgin Galactic. In addition, Virgin Galactic expects to grant the underwriters a 30-day option to purchase an additional 3,073,496 shares of its common stock in the offering. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

We intend 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 serving as joint lead book-running managers for the proposed offering. BofA Securities, Barclays, Goldman Sachs, UBS Investment Bank, Cowen and Jefferies are acting as joint book-running managers for the proposed offering.

A registration statement on Form S-1 relating to these securities has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted prior to the time the registration statement becomes effective.

The offering will be made only by means of a prospectus. A copy of the preliminary prospectus relating to this offering may be obtained, when available, 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 terms and size of the proposed offering and expected use of proceeds therefrom, 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 statement 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.

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

Source: Virgin Galactic Holdings, Inc.