NEW YORK, May 22, 2020 /PRNewswire/ -- Virgin Group ("Virgin"), through its subsidiary Vieco 10 Limited, announced today that it has completed the sale of 25,000,000 shares of its common stock in Virgin Galactic Holdings, Inc. ("VGH") (NYSE:SPCE) through Credit Suisse Securities (USA) LLC as sales agent or principal.
Virgin intends to use the net proceeds of $366 million from this sale to support its portfolio of global leisure, holiday and travel businesses that continue to be affected by the unprecedented impact of COVID-19.
In March, Virgin stated its intention to invest $250 million in supporting its core companies that required Covid-19 related funding. The level of planned support has increased. The net proceeds of sale will be applied in meeting these commitments.
SOURCE Virgin Group