Virgin Galactic (SPCE) Stock Falls on 1-for-20 Reverse Stock Split Plans

Group 1 - Virgin Galactic announced a reverse stock split, consolidating every 20 shares of SPCE stock into one share, effective after market close on Friday [1][2] - The reverse stock split aims to increase the share price above the $1 minimum bid required to remain listed on the New York Stock Exchange, as the prior closing price was 85 cents [3] - Following the split, Virgin Galactic will retain the SPCE ticker but will change its CUSIP number to "92766K 403" [2] Group 2 - As of Thursday morning, SPCE stock has decreased by 14.3% [4]