Covid-19 impact: Richard Branson to sell 25 mn shares in Virgin Galactic


Billionaire Virgin Group said on Monday that it may sell up to 25 million Richard Branson’s shares of space tourism company Virgin Galactic Holdings Inc to raise funds amid the Covid-19 pandemic.
The company said it intends to use the proceeds to support its portfolio of global leisure, holiday and travel businesses that have been affected by the impact of the coronavirus.
Shares of Virgin Galactic, which have gained 69% this year, were down 3.1% at $19.54 in afternoon trade.
Based on Friday’s closing price, the offering would raise as much as $504.5 million. Read More

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