Virgin Galactic Going Public on NYSE
Space Tourism Headed to NYSE
World's First Listed Space Tourism Company
Richard Branson is taking his space tourism company Virgin Galactic to the stock market to sell shares in the company. His hope is the share price will go into intergalactic orbit. Virgin Galactic will be the world's first space tourism company that's publicly traded. He's doing this by merging with Social Capital Hedosophia, which trades on the New York Stock Exchange. By merging with a listed company, Branson avoids the need and expense of an Initial Public Offering and investor road shows.
Cash Flows
The deal is expected to close in the second half of 2019. Social Capital Hedosophia will acquire 49% of Virgin Galactic for an estimated price of $1.3 billion. There are reports that will raise $800 million in cash for Branson's company. Branson's goal in going public is to generate cash until Virgin Galactic starts turning a profit. He needs cash to help compete against other billionaires with commercial space ventures such as Space X's Elon Musk and Blue Origin (Amazon's) Jeff Bezos.
Space Reservations
Virgin Galactic's primary mission is to fly private citizens into space for space vacations. The company says more than 600 people from 60 nations have committed to $250,000 ++ tickets for a 90 minute ride into space. Branson expects to be on that first tourist space journey in, as he puts it, "in upcoming months." For a free Kindle borrow of my just published Kindle & Amazon book "Big Space News 2019", go to amazon.com/author/ekane
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| Source: Virgin Galactic Space Plane |
World's First Listed Space Tourism Company
Richard Branson is taking his space tourism company Virgin Galactic to the stock market to sell shares in the company. His hope is the share price will go into intergalactic orbit. Virgin Galactic will be the world's first space tourism company that's publicly traded. He's doing this by merging with Social Capital Hedosophia, which trades on the New York Stock Exchange. By merging with a listed company, Branson avoids the need and expense of an Initial Public Offering and investor road shows.
Cash Flows
The deal is expected to close in the second half of 2019. Social Capital Hedosophia will acquire 49% of Virgin Galactic for an estimated price of $1.3 billion. There are reports that will raise $800 million in cash for Branson's company. Branson's goal in going public is to generate cash until Virgin Galactic starts turning a profit. He needs cash to help compete against other billionaires with commercial space ventures such as Space X's Elon Musk and Blue Origin (Amazon's) Jeff Bezos.
Space Reservations
Virgin Galactic's primary mission is to fly private citizens into space for space vacations. The company says more than 600 people from 60 nations have committed to $250,000 ++ tickets for a 90 minute ride into space. Branson expects to be on that first tourist space journey in, as he puts it, "in upcoming months." For a free Kindle borrow of my just published Kindle & Amazon book "Big Space News 2019", go to amazon.com/author/ekane
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