Aerospace and space travel company Virgin Galactic Holdings Inc. (SPCE:NYSE), which is engaged in pioneering human spaceflight for private individuals and researchers, today announced that "the U.S. Federal Aviation Administration (FAA) updated its existing commercial space transportation operator license to allow the spaceline to fly customers to space."
The firm stated that following the completion of its May 22 test flight it performed a complete and extensive review of the data gathered during the test mission and confirmed that the flight performed well in accordance with all of the flight's predefined objectives.
Virgin Galactic advised that the adjustment to its operator's license is historic in that it signifies the first time the FAA has licensed a spaceline to fly customers. The company added that the action strongly validates its methodical testing program as evidenced by meeting the FAA's strict verification and validation requirements.
The company's CEO Michael Colglazier commented, "We're incredibly pleased with the results of our most recent test flight, which achieved our stated flight test objectives. The flight performed flawlessly, and the results demonstrate the safety and elegance of our flight system."
"Today's approval by the FAA of our full commercial launch license, in conjunction with the success of our May 22 test flight, give us confidence as we proceed toward our first fully crewed test flight this summer," Colglazier added.
Virgin Galactic highlighted that the VMS Eve and VSS Unity test flight was its third crewed spaceflight. During the mission, the flight reportedly achieved a speed of Mach 3 and climbed to an altitude of 55.5 miles above the earth. The company pointed out that the rocket-powered test of the spaceship's upgraded horizontal stabilizers and flight controls demonstrated strong performance during the flight as predicted and will be incorporated in future vehicles in its space fleet.
The firm explained that during the May flight cabin environment data collected was in line with predictions. The company also indicated that "the flight was successful in carrying three revenue-generating research experiments that tested and demonstrated technologies in microgravity as part of NASA's Flight Opportunities Program."
The company noted that as the data from the May flight has now been fully reviewed and analyzed, it will now focus its efforts on preparing for its next scheduled three test flights.
Virgin Galactic is a vertically integrated aerospace and space travel company headquartered in Las Cruces, N.M. The firm stated that it is "pioneering human spaceflight for private individuals and researchers, as well as a manufacturer of advanced air and space vehicles."
Virgin Galactic started off the day with a market cap of around $9.7 billion with approximately 240.7 million shares outstanding and a short interest of about 14.3%. SPCE shares opened 18.75% higher today at $47.81 (+$7.55, +18.75%) over yesterday's $40.26 closing price. The stock has traded today between $45.87 and $56.40 per share and is presently trading at $54.11 (+$13.85, +34.40%).
[NLINSERT]Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
