Richard Branson to sell 25 million shares in Virgin Galactic to battle pandemic impact

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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.

The company, which aims to offer the first commercial space flight later this year, said in April it would keep running as a critical infrastructure business during the pandemic.