Virgin Galactic Announces Proposed Public Offering of Common Stock

SpaceShipTwo VSS Unity makes first glide flight at Spaceport America in New Mexico. (Credit: Virgin Galactic)

MOJAVE, Calif., August 3, 2020 (Virgin Galactic PR) — 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.