• Virgin Galactic announced a $52.5 million convertible notes exchange on June 22, 2026, converting 2027 notes into newly issued shares to improve liquidity and strengthen its balance sheet.
  • This transaction is expected to reduce outstanding 2027 notes by approximately 75% but could lead to dilution, weighing on the stock.
  • The decline also comes amid broader market weakness, with Nasdaq and S&P 500 futures trading lower on June 23, 2026.