company listed directly on the NYSE on Monday, following the merger's approval and closing last week.
"Virgin Galactic is making history again today as it becomes the world's first and only publicly traded commercial human spaceflight company. For the first time, anyone will have the opportunity to invest in a human spaceflight company that is transforming the market," CEO George Whitesides said in a statement.
Sir Richard Branson stands on the floor of the New York Stock Exchange ahead of Virgin Galactic trading in New York, U.S., October 28, 2019.Shares of Virgin Galactic rose as much 6% as the market opened. The shares were previously listed under the ticker "IPOA" for Palihapitiya's special purpose vehicle, which took a 49% stake in Virgin Galactic. Shares of Palihapitiya's venture closed at $11.79 a share on Friday, up nearly 12% in the past three months.
In essence, Monday's debut represented a name change for the company, as investors could trade shares of Palihapitiya's venture since before the merger was announced. Sir Richard Branson stands outside the New York Stock Exchange ahead of the Virgin Galactic IPO in New York, U.S., October 28, 2019.Special purpose vehicles, also known as SPACs, raise capital to buy an existing company. In Social Capital Hedosophia's case, Palihapitiya's SPAC is buying just under half of the company to help it enter the public market.
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CMeach84 I know how much you like IPOs. 😁
One of those rare companies where it's better to be a customer than a shareholder.
What does he think this is Prometheus, We are a long ways from that. This isn’t an investment, this is a lottery ticket.
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I don't get the hyped.
Bottomless money pit goes public!
What a joke this is ....
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This is what billionaires do for fun because they don't want all Americans to have a minimum wage, they don't want all Americans to have healthcare, they don't want to bolster public schools and teachers, they don't want to help children living in poverty by ensuring food stamps.
How will Virgin Galactic space tourism trips impact our atmosphere, air
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