Key facts
- Virgin Galactic's stock fell 34% following the announcement.
- The company is delaying the start of commercial flights by nearly a year.
- The delay is due to the need for further technical assessments.
- Virgin Galactic previously announced plans to issue new shares to pay off debt.
Virgin Galactic's stock experienced a significant drop of 34% following an announcement that the company is delaying the start of its commercial flights by nearly a year. This delay is attributed to a need for further technical assessments. This news comes after a previous announcement that the company plans to issue new shares to pay off some of its outstanding debt, a move that had also been met with investor disapproval. The stock had previously seen a strong 7-day run before these announcements led to a sharp sell-off.