(Bloomberg) -- Credit Suisse is lining up buyers for a large block of shares in Virgin Galactic Holdings Inc., people familiar with the matter said. Shares fell 2.2% in postmarket trading.
The bank is offering 20.7 million shares at $15.15 each on behalf of an unknown seller, a 4.54% discount to Tuesday's closing price. The offering is expected to price before the market opens on Wednesday.
The share sale follows a disclosure earlier on Tuesday that Richard Branson's Vieco 10 investment company sold about 2% of its stake in Virgin Galactic last week as the billionaire looks to support his broader business empire.
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