After-Hours Alert: Why Virgin Galactic Shares Are Blasting Off

Virgin Galactic Holdings Inc SPCE shares are trading higher in Thursday's after-hours session after the company announced an updated leadership structure to support commercial spaceline operations.

What To Know: Virgin Galactic said Swami Iyer, president of Aerospace Systems, will be departing from his position, effective Thursday. He will continue to serve as an advisor to CEO Michael Colglazier until March 3.

"With the completion of the enhancement program for our mothership at hand, our streamlined leadership structure will help propel the business forward as we prepare for commercial spaceline operations," Colglazier said.

"Our experienced leadership team brings deep expertise to the next exciting phase for the Company – flying our customers safely and regularly to space and expanding our future fleet."

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Virgin Galactic said its planned upgrades of VMS Eve are complete and the mothership is expected to enter ground tests next week before commencing flight tests to verify enhancements to the ship. Commercial spaceline operations are still on track for the second quarter.

Virgin Galactic is an aerospace and space travel company founded by British billionaire Richard Branson.

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SPCE Price Action: Virgin Galactic shares are up 8.03% in after hours at $4.98 at time of publication, according to Benzinga Pro.

Photo: courtesy of Virgin Galactic.