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Shares of Virgin Galactic Holdings Inc. tumbled Friday, after the space-tourism company said in a filing it seeks to raise $400 million through the sale of common stock to improve its fleet and scale its business.
Virgin Galactic
SPCE,
said that the new raise, which represents about 27% of the company’s market capitalization as of Thursday’s close, follows the completion of a $300 million raise under a previous agreement.
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