Virgin Galactic Holdings (SPCE) Announces At-The-Market Equity Program

Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the “Company”) today announced that it has entered into a sales agreement under which it may offer and sell shares of its common stock (the “Shares”) having an aggregate offering price of up to $300 million from time to time pursuant to an “at the market” program (the “ATM Program”).

The Company intends to use the net proceeds from any sales of its common stock under the ATM Program to further accelerate the development and production of its next-generation spaceflight fleet, including an additional mothership and third and fourth Delta Class spaceships. The Company may also use a portion of any net proceeds for general corporate purposes, including working capital and general and administrative matters.

Any sales under the ATM Program will be through Jefferies LLC, as sales agent, by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 of the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions, to or through a market maker, directly on or through any national securities exchange or facility thereof, a trading facility of a national securities association, an alternative trading system or any other market venue, in the over-the-counter market, in privately negotiated transactions or through a combination of any such methods. Sales may be made at prevailing market prices at the time of the sale, at prices related to prevailing market prices or at negotiated prices and, as a result, sales prices may vary.

The ATM Program will be made pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-272826) filed with the SEC on June 22, 2023. Prospective investors should read the prospectus contained in the registration statement and the prospectus supplement relating to the ATM Program (including the documents incorporated by reference therein) for more complete information about the Company and the ATM Program, including the risks associated with investing. Copies of the prospectus supplement and related prospectus may be obtained from Jefferies LLC at Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, by telephone at (877) 821-7388 or by email at [email protected]. You may also obtain these documents free of charge when they are available by visiting EDGAR on the SEC’s website at www.sec.gov.

There can be no assurance that the Company will sell any shares under the ATM Program. The timing of any sales and the number of shares sold, if any, will depend on a variety of factors to be determined by the Company.

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