Virgin Galactic nyse Spce Stock Spikes As 12th Space Mission Nails Success

Virgin Galactic (NYSE: SPCE) Stock Spikes as 12th Space Mission Nails Success

Virgin Galactic (NYSE: SPCE) stock jumped during pre-market trading Monday after the company completed its 12th space mission.

Virgin Galactic recently announced the completion of its second spaceflight of 2024, marking its 12th mission to date. The Galactic 07 mission flew a researcher and three private astronauts, including passengers from Turkey, the U.S., and Italy, to an altitude of about 55 miles (88.51 km) during a flight lasting just over an hour.

The space tourism company said that the mission took off from and returned to Spaceport America in New Mexico on Saturday. This flight also served as the final commercial flight for Virgin’s VSS Unity spaceplane, as the company transitions to producing fourth-generation spaceships expected to enter commercial service in 2026.

The milestone comes after Virgin Galactic received a notice from the New York Stock Exchange (NYSE) regarding non-compliance with the exchange’s minimum price criteria. Dated May 29, 2024, the notice highlighted that Virgin Galactic’s average closing share price had fallen below the required $1.00 threshold over a 30-day trading period.

In response to the notice, the company expressed its intention to regain compliance with the exchange’s continued listing standards. Virgin Galactic aims to address this issue through a proposed reverse stock split, as outlined in a proxy statement filed with the U.S. Securities and Exchange Commission on April 29, 2024. Shareholders will vote on this matter during the upcoming annual meeting on June 12, 2024.

Virgin Galactic (NYSE: SPCE) Stock Price Action

As of 04:04 a.m. (Eastern Time) Monday, SPCE stock traded at $0.87, marking a 2.86% increase compared to the previous trading session.