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Will Space ETFs See Lift-Off After Branson's Flight?


While news that
Virgin Galactic (SPCE) owner Richard Branson traveled into space on Sunday, igniting excitement for eager passengers who have the financial means to purchase the ultimate adventure, shares of Virgin Galactic nevertheless fell on Monday after the company filed to sell up to $500 million in common stock. But could the flight propel space ETFs to new heights?
Virgin Galactic tumbled over 14% after it filed notice of its stock sale offering with the Securities and Exchange Commission. The moves were so volatile that trading in Virgin Galactic was briefly halted Monday morning.
According to FactSet, the space company has 240 million shares outstanding and a float, or number of shares issued for public trading, of 68.6%. As of Friday’s closing price of $49.20, Virgin’s $500 million offering would translate to almost 10.2 million shares. ....

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