Virgin Galactic Announces Proposed Public Offering of Common Stock
04 August 2020 - 6:23AM
Business Wire
Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic”),
a vertically integrated aerospace and space travel company,
announced today that it has commenced an underwritten public
offering of 20,489,977 shares of its common stock, for expected
gross proceeds of approximately $460 million. All of the shares in
the offering will be sold by Virgin Galactic. In addition, Virgin
Galactic expects to grant the underwriters a 30-day option to
purchase an additional 3,073,496 shares of its common stock in the
offering. The proposed offering is subject to market and other
conditions, and there can be no assurance as to whether or when the
offering may be completed, or as to the actual size or terms of the
offering.
We intend 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 serving as joint lead
book-running managers for the proposed offering. BofA Securities,
Barclays, Goldman Sachs, UBS Investment Bank, Cowen and Jefferies
are acting as joint book-running managers for the proposed
offering.
A registration statement on Form S-1 relating to these
securities has been filed with the U.S. Securities and Exchange
Commission, but has not yet become effective. These securities may
not be sold nor may offers to buy these securities be accepted
prior to the time the registration statement becomes effective.
The offering will be made only by means of a prospectus. A copy
of the preliminary prospectus relating to this offering 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 terms and size of the proposed offering and expected use of
proceeds therefrom, 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
statement 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/20200803005769/en/
For media inquiries please contact:
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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