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Virgin Galactic merger wins shareholder approval

24 Oct 2019, 14:12 UTC
Virgin Galactic merger wins shareholder approval
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WASHINGTON — Virgin Galactic will go public next week after shareholders in a holding company approved a merger with the suborbital spaceflight firm Oct. 23.
In a filing with the U.S. Securities and Exchange Commission, Social Capital Hedosophia (SCH), the special-purpose acquisition company that announced plans to merge with Virgin Galactic in July, reported that shareholders overwhelmingly approved the merger.
The merger proposal won more than 95% of the 61.35 million votes cast during an “extraordinary general meeting” of SCH shareholders Oct. 23. Other aspects of the proposed merger, including incorporating the merged company in Delaware and selecting a slate of directors, won approval by similar margins.
The approval of SCH shareholders was one of the final milestones before the merger with Virgin Galactic could be closed. SCH said in its filing that it expected the merger to close Oct. 25, “subject to customary closing conditions.”
SCH, a publicly traded company established with the sole purpose of acquiring another company, is traded on the New York Stock Exchange under the ticker symbol IPOA. The company said it expects the merged company to start trading Oct. 28 under the Virgin Galactic name and the ticker symbol SPCE. Virgin Galactic founder Sir ...

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