KUALA LUMPUR, Oct 29 -- Virgin Galactic (VG), a vertically integrated aerospace company and Social Capital Hedosophia (SCH), a public investment vehicle have completed their business combination.
The resulting company is named Virgin Galactic Holdings Inc (VGH). Its common stock, units and warrants commenced trading on the New York Stock Exchange under the new ticker symbol ‘SPCE’, ‘SPCE.U’ and ‘SPCE WS’, respectively, on Oct 28.
“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,” said VGH chief executive officer, George Whitesides.
The Company manufactures its space vehicles in Mojave, California, through its aerospace development subsidiary, The Spaceship Company, with commercial operations centered at Spaceport America in New Mexico.
The completion of this merger, and trading as a public company are the next milestones on the path towards building a thriving commercial service business and investing appropriately for the future, according to a statement.
As a result of this transaction, VG has received over US$450 million of primary proceeds and as at market close on Oct 25, the business has a market capitalisation of US$2.3 billion. (US$1 = RM4.18)
The Company’s board of directors consists of Chamath Palihapitiya (chairman); Adam Bain and James Ryans (SCH directors) as well as Wanda Austin, Craig Kreeger, George Mattson, Evan Lovell and George Whitesides.
-- BERNAMA
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