NEW YORK, May 22, 2020 /PRNewswire/ -- Virgin Group ("Virgin"), through its subsidiary Vieco 10 Limited, announced today that it has completed the sale of 25,000,000 shares of its common stock in Virgin Galactic Holdings, Inc. ("VGH") /zigman2/quotes/208333884/composite SPCE -1.08% through Credit Suisse Securities (USA) LLC as sales agent or principal.
Virgin intends to use the net proceeds of $366 million from this sale to support its portfolio of global leisure, holiday and travel businesses that continue to be affected by the unprecedented impact of COVID-19.
In March, Virgin stated its intention to invest $250 million in supporting its core companies that required Covid-19 related funding. The level of planned support has increased. The net proceeds of sale will be applied in meeting these commitments.
SOURCE Virgin Group
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