American space flight company Virgin Galactic filed a prospectus on the sale of $1 billion in mixed securities and up to 2.7 billion shares of common stock, according to its filing to the Securities and Exchange Commission.
The company will use the proceeds for general corporate purposes, it said on Friday.
"Assuming the exercise of all outstanding warrants for cash, we will receive an aggregate of approximately $30.7m," the company said in the prospectus.
The company's planned sale of securities comes following its successful manned test flight to the edge of space last week.
The success of VSS Unity test flight, which took off from New Mexico, has helped put the company back on its earlier schedule of flying founder Richard Branson to suborbital space as early as this summer and also boosted its stock price.
The company's stock closed up 0.45 per cent higher at $31.23 on Friday. Virgin Galactic has a market capitalisation of $7.52bn.
Virgin Galactic received a further boost on Thursday after analyst Ken Herbert from Canaccord initiated the coverage of the company's stock with a buy rating. The company's prospects also seemed bright, thanks to less competition in a potentially lucrative space travel market, Mr Herbert said in a note to clients.
VSS Unity is capable of transporting six passengers along with two pilots. Virgin Galactic has about 600 reservations on future flights, with ticket prices ranging between $200,000 and $250,000 each.
The company is tapping into the promising sector of suborbital tourism, which is expected to be a $2.8bn market with $10.4bn in revenue by 2030, according to specialised space industry consultancy Northern Sky Research. In addition to Virgin Galactic, Jeff Bezos-owned Blue Origin is also working to provide suborbital flights.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The specs: Audi e-tron
Price, base: From Dh325,000 (estimate)
Engine: Twin electric motors and 95kWh battery pack
Transmission: Single-speed auto
Power: 408hp
Torque: 664Nm
Range: 400 kilometres
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Top investing tips for UAE residents in 2021
Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
