Virgin Galactic ()SPCE) – Get Report Shares rose more than 13% on Thursday after ARK Investment Management filed ARK Investment Management to launch a space exploration exchange-traded fund.
Virgin Galactic was up $ 13.27% at $ 31.24 after filing its plans with ARK SEC. Although ARK did not identify which companies would be in the space exploration-focused fund, it is expected that Virgin would be one of the galactic fund’s holdings.
Other space-exploration companies also rose after ARK’s filing on Thursday, including the New Providence Acquisition and the Stable Road Acquisition, two special-purpose acquisition vehicle companies also focused on beyond-Earth efforts.
AR to launch space exploration ETF
According to the filing, ARK’s actively managed ETF will invest 80% in shares engaged in the investment theme of space exploration and innovation, which will benefit from “technologically capable products and / or services beyond the surface of the Earth Huh.” . “
More specifically, ARK is looking at space exploration within four different categories: orbital aerospace companies, suborbital aerospace companies, enabling technologies companies and aerospace beneficiary companies.
The ARK ETF, run by Chief Investment Officer Kathy Wood, one of the most popular ETF providers in the investment world in 2020, was one of the top-performing ETFs in 2020.
Certainly, Virgin Galactic is far from being on a profitable trajectory. The NM Cr Las Company, founded and partially owned by Richard Crenson, missed last month when a test flight was abandoned due to a technical problem.
A regulatory filing last month also revealed that shareholders could sell up to 112,964,840 of Virgin Galactic to shareholders, the proceeds of which would not remain with the company.
Filing also stated that significant losses have occurred since the founding of Virgin Galactic, anticipating future losses and “… may not be able to achieve or maintain profitability.”
Elon Musk’s Crew Dragon of SpaceX made history last year when it became the first private company to launch Americans into orbit.
Virgin Galactic’s shares have risen more than 120% in the last 12 months.