Get All Access for $5/mo

Virgin Galactic Stock Drops After Test Flight Postponed Last Friday, Virgin Galactic announced the postponement of test flight Unity 23 with the Italian Air Force.

By Emily Rella

Opinions expressed by Entrepreneur contributors are their own.

SOPA Images | Getty Images

Virgin Galactic shares fell Monday after the company said it would postpone its next space flight until at least the middle of next month, blaming a possible manufacturing defect in vehicles.

Last Friday, Virgin Galactic announced the postponement of test flight Unity 23 with the Italian Air Force, saying a third-party supplier flagged the potential manufacturing defect in a component of the flight control actuation system during preparation for the flight.

"At this point, it is not yet known whether the defect is present in the Company's vehicles and what, if any, repair work may be needed," said the statement. "Out of an abundance of caution, and in line with Virgin Galactic's established safety procedures, the Company is in the process of inspections in partnership with the vendor."

Related: Richard Branson is Under Investigation by the FAA

The statement noted that the Unity 23 postponement is unrelated to the Unity 22 flight "or the current FAA matter." Earlier this month, the Federal Aviation Administration confirmed it is probing an anomaly from Richard Branson's Virgin Galactic July 11 space flight, saying the Unity 22 flight "deviated from its Air Traffic Control Clearance as it returned to Spaceport America."

The flight with the Italian Air Force was expected to take place late this month or early next month.

Virgin Galactic shares ultimately slid 3.4% in premarket trading on Monday.

Emily Rella

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business Process

How CEOs Can Take Control of Their Emails and Achieve Inbox Zero

Although there are many methodologies that leaders can use to manage their emails effectively, a consistent and thought-through process is the most effective way to systemize and respond to emails and is a step of stewardship for the effective leader.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.

Science & Technology

5 Automation Strategies Every Small Business Should Follow

It's time we make IT automation work for us: streamline processes, boost efficiency and drive growth with the right tools and strategy.