Virgin Galactic agrees to exchange $12.5 million in convertible notes for shares
SPCE•Virgin Galactic agreed to exchange approximately $12.5 million of its 2.50% Convertible Senior Notes due 2027 for unregistered shares, reducing the notes outstanding by approximately 69.7%, from $17.9 million to $5.4 million.
1. Note exchange terms
The exchange is expected to close around November 19, 2026. The number of shares will depend on a two-day VWAP observation period starting November 17, with daily VWAP subject to a floor of 85% and a cap of 115% of the November 16 closing price. Shares will replace cash payments for principal and accrued interest through January 31, 2027.
