Virgin Galactic's Stock Plummets Amidst $700M Fundraising Efforts

Virgin Galactic completed a stock offering of $300 million and plans to raise $400 million more in a subsequent offering to fund the development of its spaceship fleet and infrastructure for commercial operations. The company's stock sank nearly 20% after the announcement, despite rising more than 40% the week prior when it announced plans to launch its commercial space tourism service later in June. Virgin Galactic, founded by billionaire Sir Richard Branson, has yet to post a profitable quarter and its most recent quarterly release showed a wider loss per share than expected.