Saturday, 26 October 2019

Virgin Galactic merges with Social Capital Hedosophia.......VG

Virgin Galactic and investment firm Social Capital Hedosophia have merged with the resulting company is named Virgin Galactic Holdings, Inc with its common stock expected to commence trading on the New York Stock Exchange on October 28, 2019. 

Virgin Galactic already has reservations from more than 600 people in 60 countries representing approximately $80 million in total collected deposits, and over $120 million of potential revenue. 


George Whitesides, CEO of Virgin Galactic Holdings said: “Today is the start of a new era for the human spaceflight industry. VG has already pioneered several important space milestones, including sending the first test passenger to space onboard a commercial vehicle, and today’s announcement is no different. Now that VG is a publicly-traded company, anyone can invest in a human spaceflight company that is striving to truly transform the market and be part of the excitement of the commercial space industry. I am proud of the strong flow of customer deposits and interest we have earned to date, and look forward to making the dream of spaceflight come true for our amazing astronaut customers.”

Chamath Palihapitiya, Founder and CEO of SCH, said: “Since our founding, SCH set out to unite technologists, entrepreneurs and technology-oriented investors around a shared vision. What was once a pursuit is now a successfully completed mission. We are pleased to have reached today’s monumental milestone and look forward to continuing to work with the Company to transform the commercial space industry.”

Sir Richard Branson, Founder of Virgin Galactic, said: “To fellow investors, employees of VG and The Spaceship Company, business partners and customers – thank you for your commitment to our great company, which has made today’s exciting announcement possible. With our proprietary spaceflight system, special airspace access at Spaceport America, globally-recognized brand and broad investor interest, I believe VG is ideally positioned to capitalize on the fast-growing, multibillion-dollar commercial space market and ultimately open space to thousands of new astronauts. Today, we achieved one mission, and as we bring more and more future astronauts to space, we look forward to the future.”



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