Virgin Galactic Holdings Inc. (NASDAQ: SPCE) stock plunged by 3.55% at last close whereas the SPCE stock price gains by 10.15%in the after-hour trading session. Virgin Galactic Holdings is a vertically integrated aerospace and space travel firm that uses sophisticated air and space vehicles to explore human spaceflight for private people and researchers.

SPCE stock’ Significant Development

Following the end of an FAA investigation into air traffic control approval and real-time mission notification linked to the Unity 22 flight in July, Virgin Galactic Holdings stated that it has been allowed to conduct FAA-licensed spaceflights. The FAA informed Virgin Galactic that the Company’s proposed remedial steps had been approved, bringing the FAA investigation, which began on August 11, 2021, to a close. They are as follows:

• Calculations have been updated to increase the protected airspace for future trips. Virgin Galactic will have enough protected airspace for a range of possible flight paths during spaceflight missions by selecting a bigger region.
• Additional steps have been added to the Company’s flight procedures to guarantee that mission notifications to FAA Air Traffic Control are received in real-time.

Virgin Galactic is continuing to work on Unity 23’s pre-flight preparations. Please see the Company’s announcement of September 10, 2021, for the most up-to-date information on flight schedules.

Michael Colglazier, CEO of Virgin Galactic, commented,

Their complete approach to spaceflight, comprising of the spaceflight system and test flight programme, is governed by a basic commitment to safety at every level. They commend the FAA’s comprehensive investigation into this matter. The test flight programme is meant to help them improve their processes and procedures over time. As they get closer to the commercial release of my spaceflight experience, the changes to the airspace and real-time mission notification processes will enhance their preparations.

Management Changes

Aparna Chitale, an experienced human resources executive, will enter Virgin Galactic Holdings as its Chief People Officer (CPO) on September 30, 2021. Chitale has more than 20 years of leadership expertise in multi-national organization, where she has expanded and led worldwide teams in both public and private enterprises. She most recently started working at Disney Parks Experiences and Products as Vice President of Human Resources.