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Virgin Galactic Climbs on Nod to Resume Flights After FAA Ends Probe By Investing.com

by Mike Robinson

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© Reuters

By Dhirendra Tripathi

Investing.com – Virgin Galactic stock (NYSE:) soared by more than 9% in Thursday’s premarket trading as the U.S. aviation safety regulator closed its probe into the company’s last spaceflight and gave it the go-ahead to resume launches.

The Federal Aviation Administration was probing the company’s July 11 launch of its first fully-crewed spaceflight, Unity 22, for deviating from its assigned path during its descent back to Earth.

Richard Branson was the founder of this company and a billionaire. The FAA was also not required to be notified of the company’s error.

Virgin Galactic claimed that the regulator approved the changes it proposed to its space missions operations. These include a greater area being designated as protected airspace in order to permit a range of missions’ trajectories and steps taken to ensure that the FAA air traffic control is informed about all flights.

It stated that it will continue to work on Unity 23 pre-flight readiness.

According to a Morgan Stanley (NYSE:) report in August, Virgin’s sole mothership, Eve, and the Unity spaceship are due to be temporarily grounded for maintenance. They will remain grounded while the company prepares for spaceflight. Virgin’s Delta-class spaceship is being developed, and will be available for launch in a much shorter time.

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