Virgin Galactic allowed to resume flights, sending shares into orbit
Virgin Galactic’s shares have soared 13.9 per cent today after British billionaire Richard Branson’s company was given the go ahead to return to space flights following a temporary ban.
The company’s flights were halted by US regulators the Federal Aviation Administration (FAA) after a capsule flight in July deviated from its approved path.
After an investigation, the FAA has cleared the company to resume flights and Virgin is set to communicate with the regulator during fights in real-time.
The FAA concluded that it will expand the protected airspace for future launches to consider a “variety of possible flight trajectories” during missions.
CEO of Virgin Galactic Michael Colglazier said: “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.
Colglazier added that the updates to its airspace and real-time mission notification protocols will “strengthen our preparations as we move closer to the commercial launch of our spaceflight experience.”
Its shares now fetch for some $25.70.