Richard Branson’s trip to space on the Virgin Galactic Holdings Inc. (NASDAQ:SPCE) VSS Unity did not boost the company’s share price Monday. The company announced in the morning that it has struck a distribution agreement with 3 firms for the sale of up to $500-M in an “at-the-market” offering.
Last month, Virgin Galactic completed a shelf registration of $1-B in stock. The other $500-M worth of registered shares are still available, should the company decide to offer them for sale.
Virgin Galactic stock traded down 17.30% to 40.69 in a 52-wk range of 14.27 – 62.80. The average daily trading volume is 34-M/ shares. More than 134-M traded at last look.
With the exception of Virgin Galactic, stocks related to space tourism and exploration have had, at best, a so-so yr so far. Cathie Wood’s Space Exploration and Innovation ETF has done no better than a gain of less than 2% since its launch in March. Virgin Galactic is not included among the 39 holdings in the fund.
AMC Entertainment Holdings Inc. (NYSE:AMC) touted its attendance numbers Monday morning, revealing that about 3.2-M people globally went to the movies over the weekend. As a whole, the theater industry posted its first $100-M + domestic box office take since early last yr. More than 2.5-M people saw a movie at an AMC theater at the weekend. But that did not impress investors.
AMC stock traded down about 7,7% to 42.61 Monday. The stock’s 52-wk trading range is 1.91 – 72.62, and the average daily trading volume is 162-M/shares. About 60-M/shares traded Monday.
Have a prosperous day, Keep the Faith!