Space tourism company Virgin Galactic Holdings Inc. (NYSE: SPCE) in Tustin said today its board had approved a 1-for-20 reverse stock split of the company’s common shares.
The reverse stock split is expected to become effective at 5 p.m. Eastern Time on June 14, after the close of trading on the New York Stock Exchange.
After the announcement, the shares fell 13% to 73 cents apiece in after-hours trading. During regular trading, they had dropped 5.5% to 85 cents.
