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Buyer beware: With the official completion of a merger of Virgin Galactic with the venture capital company Social Capital Hedosophia this week, it will be possible to buy stock in the company as early as Monday, October 28.
The space-tourism company run by billionaire Sir Richard Branson has been approved to merge with Social Capital Hedosophia, a venture capital firm that helps technology companies list on public markets, according to a Wednesday SEC filing from the company.
The merger is expected to close Friday. On Monday, Social Capital’s ticker, “IPOA,” will become Virgin Galactic’s, and trade under “SPCE.”
As I say, buyer beware. Virgin Galactic has spent fifteen years spending a lot of investment capital without achieving what it promised to do years ago, fly tourists on suborbital space flights. Along the way we’ve seen Richard Branson make a lot of exciting announcements about how he is about to fly in space, none of which ever happened. Instead, they crashed their spaceship, killing one pilot.
If you want to invest money in this company you should be aware of their so far poor track record.