Virgin Galactic Stock Sharply Plunges After Delaying Flights

The company said the launch of its spacecraft carrying a crew of four will be delayed to 2022 because of the work. SPCE stock sharply falls 17% today in the pre-market session to $19.81. Virgin Galactic said it would not be able to launch its first astronaut flight this year, sending its shares down 20% in pre-market trading.

Virgin Galactic has identified a potential issue with the strength margins of some of its materials used to modify joints. The issue will not affect the company’s spacecraft. The company’s decisions are based on its extensive analysis and are made using the most accurate and comprehensive information available. Virgin Galactic, which is owned by Richard Branson, is a private firm that aims to launch people into space. This will happen after the Federal Aviation Administration approves its plans.