Shares of Virgin Galactic declined after the company reported lower third-quarter revenue that missed analyst expectations and plans to sell shares at an offering price of up to $300 million.
The stock fell 11% at $6.36 on Thursday. For the year, shares are down almost 87%.
After the market closed on Wednesday the space tourism company reported third-quarter revenue dropped to $402,000 from $1.7 million a year ago. That fell short of the $2.1 million expected by analysts, according to FactSet.
Virgin Galactic reported a loss of $74.5 million, or $2.66 per share, compared with a loss of $104.6 million, or $5.57 per share, last year. That beat the $4.01 loss that was forecast by analysts surveyed by FactSet.
The company, co-owned by Richard Branson, said on Wednesday it had entered a sales agreement in which it may offer and sell shares at an offering price of up to $300 million. The company plans to use proceeds from any sales of its common stock under the at-the-market equity program to fast-track the expansion of its next-generation spaceflight fleet.