Virgin Galactic reverse stock split: Shares tumble as space tourism company fights to stay listed on the NYSE

Richard Branson's company has been trading in penny territory for some time, down significantly from a high of more than $55 a share in 2021. Virgin Galactic Holdings, the space tourism company founded by Richard Branson, said Thursday that its board of directors has sanctioned a 1-for-20 reverse stock split of the company's common stock. This reverse stock split is set to take effect at 5 p.m. Eastern Time today, following the closure of trading on the New York Stock Exchange (NYSE).