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Virgin Galactic: Why Stock Is Plunging After Flight Delay

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Space tourism company Virgin Galactic  (SPCE) - Get Virgin Galactic Holdings Inc Report announced that after an initial delay, it will push the beginning of its commercial flight schedule back to the fourth quarter of 2022.

The news sent the stock price of Virgin Galactic  (SPCE) - Get Virgin Galactic Holdings Inc Report 19% lower in premarket trading on Friday.

This month, the company will begin work refurbishing and enhancing its spacecraft and carrier craft which is expected to take 10 months.

Virgin Galactic went public via a SPAC in 2019, backed by billionaire investor Chamath Palihapitiya. The company is headed by Richard Branson, who flew on the craft's first flight into space in July 2021.

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