Spacecraft VSS Unity lands on the runway at Spaceport America in New Mexico just after the company’s fourth spaceflight test on July 11, 2021.
Shares of Virgin Galactic fell in investing on Thursday soon after the enterprise announced strategies to elevate up to $500 million in credit card debt.
“The enterprise intends to use the net proceeds from the presenting to fund performing money, normal and administrative issues and cash expenses to accelerate the advancement of its spacecraft fleet,” Virgin Galactic claimed in a press launch.
The firm intends to increase $425 million from the sale of 2027 convertible senior notes through a non-public featuring, with an additional $75 million option also expected to be granted to buyers.
Virgin Galactic inventory fell as much as 12% in premarket buying and selling from its previous shut of $12.37.
Sir Richard Branson’s Virgin Galactic went general public via a merger with a distinctive purpose acquisition company, or SPAC, from Chamath Palihapitiya in Oct 2019. While the area tourism organization claimed through its debut that it planned to start flying consumers in 2020, delays to its spacecraft screening and advancement have steadily pushed that plan again.
Immediately after launching Branson and a few other company workers on a test spaceflight in July 2021, further delays have pushed Virgin Galactic’s beginning of professional services to late this year at the earliest.