Virgin Galactic stock drops more than 13% after space-tourism company seeks to raise $400 million

Shares of Virgin Galactic Holdings Inc. dropped more than 13% in the aftermarket Thursday after the space-tourism company said in a filing it seeks to raise $400 million to improve its fleet and scale its business.

Virgin Galactic
SPCE,
-6.83%
said that the new raise follows the completion of a $300 million raise under a previous agreement.