Virgin Galactic falls after unveiling 1-for-20 reverse stock split
Updates
** Shares of space tourism company Virgin Galactic Holdings SPCE.N down ~13% at $0.74 after the bell
** Co says board has approved a 1-for-20 reverse stock split of its common stock
** Co aims to increase per share market price of its common stock to meet minimum per share bid price requirement for continued listing on the NYSE with the stock split
** SPCE has ~411.36 mln shares outstanding, with a market value of about $350 mln - LSEG
** Reverse stock split expected to be effective after markets close on Friday, June 14 and expected to commence trading on a split-adjusted basis when market opens on Monday, June 17
** SPCE hasfallen 65% YTD, as of last close
Reporting by Juveria Tabassum in Bengaluru
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