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Why Investors Had a Meltdown Over Virgin Galactic's Reverse Split News

TheMotleyFool

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Why Investors Had a Meltdown Over Virgin Galactic's Reverse Split News: https://g.foolcdn.com/editorial/images/774071/vss-imagine-with-hangar-in-the-background-at-night-is-virgin-galactic.jpg

On Friday, April 19, Virgin Galactic (NYSE: SPCE) told investors that it was planning to conduct a reverse split of its stock, potentially reducing every 20 shares of space stock they owned (or 15, 10, 5, or just 2) to just one single, solitary share.

And Virgin Galactic investors did not like that news one bit.

Over the next two days, Virgin Galactic stock plunged a total of 22.5% from its preannouncement price. The stock has bounced back somewhat. But at a closing share price of $0.86 Thursday, Virgin shares remain down about 11% from where they started.

Source Fool.com

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