Virgin Galactic shares plan to sell $ 500 million worth of shares in Business and Economic News
Virgin Galactic asked for the sale of $ 500 million worth of shares to founder Richard Branson on Sunday after a successful flight into suborbital space.
Virgin Galactic Holdings Inc. the company was asked to sell $ 500 million worth of shares after a flight through rocket by founder Richard Branson, which earned Wall Street praise “as a marketing coup.”
The success of the hour-long mission 50 miles (more than 80 miles) from Earth prompted Virgin Galactic to plan to start offering tourist trips next year. The shares fell the most in almost seven months after the potential sale was announced on Monday, which suggested the company needed more commercial funds while preparing for its commercial debut.
Operator
Good day and thank you for standing by. Welcome to the Kratos Defense & Security Solutions First Quarter 2021 Earnings Conference Call. [Operator Instructions] After the speakers presentation there will be a question-and-answer session. [Operator Instructions].
I would now like to hand the conference to your speaker today, Marie Mendoza, Senior VP and General Counsel. Please go ahead.
Marie Mendoza
Senior Vice President and General Counsel
Thank you. Good afternoon, everyone. Thank you for joining us for the Kratos Defense & Security Solutions first quarter 2021 conference call. With me today is Eric DeMarco, Kratos President and Chief Executive Officer; and Deanna Lund, Kratos Executive Vice President and Chief Financial Officer.