FILE PHOTO: Virgin Galactic's passenger rocket plane VSS Unity, carrying Richard Branson and crew, begins its ascent to the edge of space above Spaceport America near Truth or Consequences, New Mexico, U.S. July 11, 2021 in a still image from video. Virgin Galactic/Handout via REUTERS.
(Reuters) -Virgin Galactic Holdings Inc on Monday filed to sell up to $500 million in common stock, a day after the company completed its first fully crewed test flight into space with billionaire founder Richard Branson on board.
Shares in Virgin Galactic reversed premarket gains of 8% to trade down nearly 12%, wiping off more than $1 billion from the company's market capitalization following the share sale announcement.
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