Virgin Galactic's Stock Plummets Despite $700M Fund Raise

Virgin Galactic's stock sank nearly 20% after the company revealed it completed a stock offering of $300 million and plans to raise $400 million more in a subsequent offering. The new raise will be used for development of its spaceship fleet and infrastructure to scale its commercial operations, and for general corporate purposes, including working capital and general and administrative matters. The company hasn't officially opened its commercial space tourism service and hasn't posted a profitable quarter yet.