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Virgin Galactic announces reverse stock split

Reuters
·1 min read

(Reuters) -Space tourism company Virgin Galactic announced a 1-for-20 reverse stock split on Wednesday, sending its shares down 19% in extended trading.

The stock split is expected to go into effect on June 14 after markets close and resume trading on a split-adjusted basis after markets open on June 17.

The company is planning the stock split to meet minimum share price requirements to continue listing on the New York Stock Exchange, Virgin Galactic said.

The company's shares were trading at 70 cents per share after the bell, and have fallen more than 65% so far this year.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Shilpi Majumdar and Shounak Dasgupta)