(Virgin Galactic) Shares of Virgin Galactic plunged more than 15% on Thursday after the company said it eyes $500 million debt.
The company will float $425 million convertible senior notes in a private offering, with the additional amount also given as an option to the buyers.
Galactic said the proceeds from the debt will fund working capital, capital spending, and support administrative matters.
The Thursday fall in the stock happens when Galactic has delayed its space testing. The company had, during its October 2019 public market debut, said it would take customers to space in 2020.
SPCE: NYSE is down -15.44%.
