Virgin Galactic Set to Go Public After Closing of SCH Merger Transaction

Jeff Brody

Virgin Galactic and Social Capital Hedosophia are set to close the two firms' merger deal Friday and launch the first publicly traded space tourism company, CNBC reported Thursday.

The report said Virgin Galactic could start to trade on the New York Stock Exchange under the ticker symbol "SPCE" beginning Monday.

Chamath Palihapitiya, founder and CEO of Social Capital Hedosophia, will invest $100M in the human spaceflight company and serve as its chairman as part of the deal that was first announced in July.

Palihapitiya will own 49 percent of Virgin Galactic while the company's founder, Richard Branson, will continue to own a 51 percent controlling interest.

Separately, Boeing (NYSE: BA) said earlier this month it will invest in Virgin Galactic under an agreement contingent on the merger.

Virgin Galactic offers a spacecraft designed to carry two pilots and six passengers to the border between the Earth’s atmosphere and outer space. According to the Mojave, Calif.-based company, over 600 people have already made reservations for the space tourism service, representing $120M in potential revenue.

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