Virgin Galactic Announces Pricing of Public Offering of Common Stock
August 05 2020 - 11:15PM
Business Wire
Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic”),
a vertically integrated aerospace and space travel company,
announced today the pricing of its underwritten public offering of
23,600,000 shares of its common stock at a public offering price of
$19.50 per share, before underwriting discounts and commissions.
All of the shares are being offered by Virgin Galactic. In
addition, Virgin Galactic has granted the underwriters a 30-day
option to purchase up to an additional 3,540,000 shares of its
common stock at the public offering price, less underwriting
discounts and commissions. The gross proceeds from the offering,
before deducting underwriting discounts and commissions and other
offering expenses payable by Virgin Galactic, are expected to be
$460.2 million, excluding any exercise of the underwriters’ option
to purchase additional shares. The offering is expected to close on
August 10, 2020, subject to customary closing conditions.
Virgin Galactic intends to use the net proceeds from this
offering primarily for general corporate purposes, including
working capital, general and administrative matters and capital
expenditures.
Credit Suisse and Morgan Stanley are acting as joint lead
book-running managers for the offering. BofA Securities, Barclays,
Goldman Sachs, UBS Investment Bank, Cowen and Jefferies are acting
as joint book-running managers for the offering.
Registration statements relating to the shares being sold in
this offering have been filed with the U.S. Securities and Exchange
Commission and became effective on August 5, 2020. The offering is
being made only by means of a prospectus, copies of which may be
obtained, when available, from: Credit Suisse Securities (USA) LLC,
Attention: Prospectus Department, Eleven Madison Avenue, 3rd floor,
New York, New York 10010, or by telephone at +1 (800) 221-1037, or
by email at usa.prospectus@credit-suisse.com; or Morgan Stanley
& Co. LLC, Attention: Prospectus Department, 180 Varick Street,
Second Floor, New York, New York 10014.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of federal securities laws, including with respect to
the closing of the offering and expected use of proceeds from the
offering, which are based on current expectations, forecasts and
assumptions, and actual outcomes and results could differ
materially from these statements due to a number of factors.
Additional risks and uncertainties that could cause actual results
to differ materially from those indicated by the forward-looking
statements made in this press release include those discussed under
the captions “Risk Factors” and “Management's Discussion and
Analysis of Financial Condition and Results of Operation” and
elsewhere in its Annual Report on Form 10-K for the year ended
December 31, 2019 and Quarterly Report on Form 10-Q for the quarter
ended June 30, 2020, as well as in its other reports filed with the
U.S. Securities and Exchange Commission, including the registration
statements relating to the proposed offering. The forward-looking
statements in this press release are based on information available
to Virgin Galactic as of the date hereof, and Virgin Galactic
disclaims any obligation to update any forward-looking statements
provided to reflect any change in its expectations or any change in
events, conditions or circumstances on which any such statement is
based, except as required by law. These forward-looking statements
should not be relied upon as representing Virgin Galactic’s views
as of any date subsequent to the date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20200805006115/en/
For media inquiries: VirginGalacticPress@virgingalactic.com
US, Canada, South America, Australia – Antonia Gray, FTI
Consulting UK, Middle East, Asia, Africa – Charles Palmer, FTI
Consulting VirginGalacticFin@fticonsulting.com
For Investor Relations inquiries please contact:
VirginGalactic-SVC@SARDVERB.com
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