Virgin Group's US-based spaceflight company, Virgin Galactic, has announced that it delayed its space tourism flights that were expected to happen this year to early 2022. After the announcement, the company shares ($SPCE) fell 11.9% in trading.

CEO Michael Colglazier said that Virgin Galactic’s next rocket-powered test flight would not occur until May, about half a year after the first attempt in December 2020 which resulted in a motor ignition failure.

Silver Lining: However, there's good news in the near term too. Colglazier said that a test flight with 4 people in the cabin as well as Sir Richard Branson's long-long expected flight will take place in the summer. Virgin Galactic also confirmed that it will reveal its next spacecraft, SpaceShip 3, on the 30th of March.

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