Virgin Galactic exchanges ~$52.5M of 2027 convertible notes for shares, reducing outstanding by 75%

Virgin Galactic Holdings, Inc

Exchanged ~$52.5M principal of 2.50% Convertible Senior Notes due 2027 for common stock/pre-funded warrants.
Outstanding notes reduced from $70.4M to $17.9M (~75% reduction); exchange expected to close June 29, 2026.
Share count determined by 5-day VWAP with floor $3.03 and cap $4.09; issued to QIBs and accredited investors via private placement.
Company cites improved liquidity and balance sheet strength as it prepares for commercial operations in Q4 2026.

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