Richard Branson-backed Virgin Galactic Holdings Inc started trading on the New Y...
) started trading on the New York Stock Exchange on Monday, becoming the first space tourism company to hit public markets.
Merging with an already-public company allowed Branson’s space venture to sidestep the traditional initial public offering process, including filing extensive paperwork with the U.S. SEC. Branson, with a 51% stake, retains control of the company which had a market cap of $2.3 billion following the announcement of the merger completion on Friday. Palihapitiya is chairman of the combined company.
Hundreds of people from 60 countries, including actor Leonardo DiCaprio and pop star Justin Bieber, have paid or put down deposits to fly on one of Virgin’s suborbital flights.
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