Virgin Galactic, an aerospace and space tourism company, plans to raise $460 million (Dh1.69 billion) through a new share sale, and is delaying plans to take its billionaire founder Richard Branson into space due to pandemic-driven staff shortages.
The company expects Mr Branson's flight to take place in the first quarter of the next year, depending on the results of the "next phase of its test flight programme".
"Expected dates may adjust as the company processes data from each of its test flights," the company said in a statement as it released earnings on Monday. Safety remains the central focus, and the test flight programme will progress with a "step-by-step" approach, it added.
Virgin Galactic blamed the delay in flight – meant to kick-start the company's space tourism business – on the Covid-19 outbreak, which reduced the number of employees who could work at the company’s facility in Mojave, California and at its Spaceport America facility in New Mexico.
"The protocols and procedures implemented by the company in response to the pandemic have limited the number of employees who are able to work on-site ... which has slowed the company’s pace," the company said.
Virgin Galactic, plans to use proceeds from the share sale for general corporate purposes. It is offering close to 20.5 million shares and expects to grant an option to buy another 3.07 million within a 30 day period. Credit Suisse and Morgan Stanley are serving as joint lead book-running managers for the proposed offering.
Virgin Galactic's shares slumped 7.8 per cent to $22.15, bringing its market value down to $5.47bn at the close.
The company has been closely watched by investors since it went public, expecting the firm to make progress on its space tourism plans. During the second quarter, Virgin Galactic appointed Michael Colglazier as the new chief executive in preparations for the launch of its commercial service.
The company expects to advance to the next phase of its test flight programme with its first powered spaceflight from Spaceport America this fall, with two test pilots in the cockpit. Virgin Galactic then expects to conduct a second powered space flight, with a crew of two test pilots in the cockpit and four mission specialists in the cabin as passengers, according to the statement.
The company's second quarter net loss widened to $63m from $60m in first quarter of 2020, but there are "minimal customer refunds" requests, it said. Virgin Galactic currently has 600 customers who bought a place to fly on the company's sub-orbital trips.
Executives have not determined what to charge for future orbital flights as National Aeronautics and Space Administration opens the International Space Station to tourism. “We expect pricing to be competitive with other offerings in the market,” Bloomberg cited George Whitesides, Virgin’s chief space officer, as saying on a quarterly earnings call.
Virgin Galactic is facing competition from the Russian space agency, Boeing and Elon Musk’s Space Exploration, who all are planning space tourism operations. SpaceX completed its first crewed mission to the space station Sunday as its Dragon capsule ferried two Nasa astronauts back to Earth.
The company on Monday also said it will work with engine maker Rolls-Royce to develop a plane that can travel at three times the speed of sound. Virgin Galactic is also an early customer for Boom Technology planned supersonic commercial aircraft, with speeds topping twice the speed of sound.
The five pillars of Islam
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Results
2pm: Handicap (PA) Dh80,000 1,600m; Winner: AF Al Baher, Bernardo Pinheiro (jockey), Ernst Oertel (trainer).
2.30pm: Handicap (TB) Dh100,000 1,600m; Winner: Talento Puma, Xavier Ziani, Salem bin Ghadayer.
3pm: Handicap (TB) Dh90,000 1,950m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
3.30pm: Jebel Ali Stakes Listed (TB) Dh500,000 1,950m; Winner: Mark Of Approval, Patrick Cosgrave, Mahmood Hussain.
4pm: Conditions (TB) Dh125,000 1,400m; Winner: Dead-heat Raakez, Jim Crowley, Nicholas Bachalard/Attribution, Xavier Ziani, Salem bin Ghadayer.
4.30pm: Jebel Ali Sprint (TB) Dh500,000 1,000m; Winner: AlKaraama, Antonio Fresu, Musabah Al Muhairi.
5pm: Handicap (TB) Dh100,000 1,200m; Winner: Wafy, Richard Mullen, Satish Seemar.
5.30pm: Handicap (TB) Dh90,000 1,400m; Winner: Cachao, Tadhg O’Shea, Satish Seemar.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The%20specs
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Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
RACE CARD
6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m
7.05pm Handicap (TB) Dh87,500 (D) 1,400m
7.40pm Handicap (TB) Dh92,500 (Turf) 2,410m
8.15pm Handicap (TB) Dh105,000 (D) 1,900m
8.50pm UAE 2000 Guineas Trial (TB) Conditions Dh183,650 (D) 1,600m
9.25pm Dubai Trophy (TB) Conditions Dh183,650 (T) 1,200m
10pm Handicap (TB) Dh102,500 (T) 1,400m
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Killing of Qassem Suleimani
Results
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard
Overview
What: The Arab Women’s Sports Tournament is a biennial multisport event exclusively for Arab women athletes.
When: From Sunday, February 2, to Wednesday, February 12.
Where: At 13 different centres across Sharjah.
Disciplines: Athletics, archery, basketball, fencing, Karate, table tennis, shooting (rifle and pistol), show jumping and volleyball.
Participating countries: Algeria, Bahrain, Comoros, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Saudi Arabia, Sudan, Syria, Tunisia, Qatar and UAE.
Sour%20Grapes
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