Virgin Galactic (NYSE:SPCE) stock is soaring higher on Thursday thanks to recent news from the Federal Aviation Administration (FAA).
The big news today is the FAA clearing Virgin Galactic rockets for flights. This comes after launching an inquiry on Aug. 11, 2021, concerning some procedures during a recent flight.
According to the FAA, new corrective actions proposed by Virgin Galactic cover the issues it took with the previous flight. With these new actions in place, the company is allowed to sent future rockets into space.
The new actions Virgin Galatic has to do include additional calculations for more airspace. This allows for a larger variety of flight trajectories that may be needed during operations. Next up are more steps to ensure real-time mission notifications to FAA Air Traffic Control.
Michael Colglazier, CEO of Virgin Galactic, said the following about today’s news boosting SPCE stock.
“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.”
SPCE stock is seeing heavy trading following today’s news. As of this writing, just over 27 million shares have changed hands. That’s quickly approaching the company’s daily average trading volume of 28 million shares.
SPCE stock was up 14.2% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.