Virgin Galactic Stock Rises After Clearance to Fly Following Conclusion of FAA Inquiry

Sep 30, 2021 By MarketDepth

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Virgin Galactic Holdings, Inc. (NYSE: SPCE) stock up more than 14% after aerospace company announced that it is cleared to fly FAA-licensed spaceflights following the conclusion of an FAA inquiry that focused on air traffic control clearance and real-time mission notification related to the Unity 22 flight in July. 

FAA Inquiry Concluded

The Company indicated that the FAA now advises Virgin Galactic that the corrective actions proposed by the Company have been accepted and conclude the FAA inquiry, which began August 11, 2021. These include updated calculations to expand the protected airspace for future flights and additional steps into the Company’s flight procedures to ensure real-time mission notifications to FAA Air Traffic Control.

“Our entire approach to spaceflight is guided by a fundamental commitment to safety at every level, including our spaceflight system and our test flight program. We appreciate the FAA’s thorough review of this inquiry. Our test flight program is specifically designed to continually improve our processes and procedures. The updates to our airspace and real-time mission notification protocols will strengthen our preparations as we move closer to the commercial launch of our spaceflight experience.”

Michael Colglazier, Chief Executive Officer of Virgin Galactic

Virgin Galactic develops human spaceflight for private individuals and researchers in the United States. It also manufactures air and space vehicles. The company’s spaceship operations include commercial human spaceflight, flying commercial research, and development payloads into space.