Virgin Galactic Exchanged $52.5 Million of Convertible Notes

Virgin Galactic Holdings entered into a privately negotiated exchange agreement with a holder of its 2.50% Convertible Senior Notes due 2027 to exchange about $52.5 million in aggregate principal amount of the notes for shares of common stock and pre-funded warrants.

• The exchange reduced outstanding 2027 Notes by about 75%, from $70.4 million to $17.9 million
• The company entered the exchange to improve liquidity and strengthen its balance sheet
• The exchange was expected to close on or about June 29, 2026

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