Virgin Galactic Stock Plunges 16.5% After Reverse Stock Split Proposal

Virgin Galactic Proposes Reverse Stock Split Sending Shares Tumbling

Virgin Galactic (NYSE: SPCE) witnessed a significant decline in its stock value, plummeting by 16.5% by the morning trading hours on a day expected to carry routine corporate announcements. The aerospace company announced its intention to host the annual stockholders meeting on June 12, primarily to address standard procedural matters such as the election of directors, appointment of an auditor, and the determination of executive salaries. However, a notable inclusion in the agenda has caught the market by surprise: the proposal for a reverse stock split.