Large Virgin Galactic Stake to Be Offered Overnight
(Bloomberg) -- A block of 12.3 million shares in Virgin Galactic Holdings Inc. are being sold overnight through Credit Suisse, people familiar with the matter said.
The shares are being offered at $15.20 each, a 3.9% discount to Tuesday's close. Although the seller's identity has not been announced, the offering follows a regulatory filing by Richard Branson's Vieco 10 earlier on Tuesday, in which the shareholder announced an agreement with Credit Suisse for the potential sale of up to 12.5 million shares.
Tuesday's offering represents 16% of the stock's public float as of Feb. 26, according to data compiled by Bloomberg. Vieco 10 held 89.8 million shares in Virgin Galactic, or a 46% stake, as of May 22, according to Bloomberg data.
Credit Suisse also managed a 20.7-million share block trade in Virgin Galactic on May 15, people familiar with the matter said at the time. That deal priced at a 4.54% discount to the last close.
Shares fell 1.5% in postmarket trading.
©2020 Bloomberg L.P.
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