Virgin Galactic Holdings (SPCE) has issued an announcement.
Virgin Galactic Holdings, Inc. shareholders have given the green light to several significant corporate actions during their 2024 Annual Meeting. Key among these was the approval of an expanded 2019 Incentive Award Plan, increasing the share pool by 14 million and extending the option grant period to 2034. Additionally, a 1-for-20 reverse stock split was sanctioned, effectively consolidating every 20 shares into one and proportionately adjusting outstanding equity awards and incentive plans. Shareholders also voted on director elections, ratifying Ernst & Young LLP as auditors, and approving executive compensation. These strategic moves aim to streamline the company’s stock structure and incentivize performance, with trading on a split-adjusted basis expected to commence shortly after implementation.
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