🟢 Virgin Galactic Holdings Inc soars 8.2% as debt swap and SpaceX IPO halo effect fuel rally

Virgin Galactic Holdings Inc is trading at $6.20 (+8.20%) in pre-market, extending a massive rally from the previous session.

• The rally is fueled by two main catalysts: a company-specific debt-for-equity swap that improves financial flexibility and broad sector enthusiasm ahead of the highly-anticipated SpaceX IPO.
• On June 10, the company completed the redemption of $30.5 million of its 9.8% First Lien Notes, a move seen by the market as a positive step toward cleaning up its balance sheet.
• The stock gained 21.66% on June 11, with reports noting investors are buying into publicly-traded space companies to gain exposure to the sector before SpaceX's public debut.