RTTNews | Oct 15, 2021 08:51AM EDT

08:50 Friday, October 15, 2021 (RTTNews.com) - Shares of Virgin Galactic (SPCE) are down almost 16 percent in pre-market trade after the company announced on Thursday the delaying of commercial space flights to fourth quarter of 2022.

The company said that it was beginning its planned enhancement program for VMS Eve and VSS Unity one month later than anticipated. Virgin Galactic also informed that a recent laboratory-based test flagged a possible reduction in the strength margins of certain materials used to modify specific joints.

Further analysis was needed to assess whether any additional work was required to keep the strength margins at or above established levels, it said. The work is now intended to be completed in parallel with the planned enhancement program.

The vehicle testing program for VMS Eve and VSS Unity, including the planned research test flight with the Italian Air Force is planned to be completed post the enhancement period and the completion of the work resulting in re-sequencing of the commercial flights.

Shares of Virgin Galactic Holdings are currently trading in pre-market at $20.11, down $3.95 or 16.42 percent from previous close.

Read the original article on RTTNews ( https://www.rttnews.com/3233005/virgin-galactic-slides-as-commercial-space-flights-delayed.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved