Why Investors Had a Meltdown Over Virgin Galactic's Reverse Split News
Virgin Galactic(SPCE) The Motley Fool·2024-04-29 19:07
Virgin Galactic is now officially a penny stock -- but it has a fix for that. Call it a "dilution solution."On Friday, April 19, Virgin Galactic (SPCE 3.15%) told investors that it was planning to conduct a reverse split of its stock, potentially reducing every 20 shares of space stock they owned (or 15, 10, 5, or just 2) to just one single, solitary share.And Virgin Galactic investors did not like that news one bit.Over the next two days, Virgin Galactic stock plunged a total of 22.5% from its preannouncem ...