The Federal Aviation Administration (FAA) concluded the investigation of the space tourism pioneer Virgin Galactic (NYSE: SPCE). The mishap investigation cleared Richard Branson’s spaceflight on Wednesday, and shares jumped by almost 10% as the FAA gave the space aviation company the green flag.
The FAA – a regulatory authority in the aviation sector responsible for the commercial aerospace operations safety, including the operations carried in space, announced on Wednesday evening that it has completed the investigation and cleared the Virgin galactic for future operations.
After the spaceflight carried Richard Branson ended up deviating from its restricted airspace on a mission carried on 11 July, the regulator had grounded the operations of the company in the first week of this month.
The stock of Virgin Galactic took a flight and sat on more than 10% in after-hours trading to around $25 per share. The spaceflight giant updated its operations to expand the protected airspace for future missions. Branson’s team has also taken additional steps for real-time mission notifications.
The share was closed at $22.5. The S&P 500 was up 0.2%, and Dow Jones industrial average was up 0.3%. Virgin Galactic’s test flight program is designed to improve the quality of methods and procedures. Investors are relieved as the spaceflight company may start commercial operations in the near future.
The reports stated that Branson’s flight was not perfect because a warning light came, and the rocket engine was firing while the spacecraft was taking off. As a result, the flight was going off trajectory. The reports put heavy emphasis on the concerns regarding safety and flight’s technology.
The next spaceflight test is expected to be carried out in the first week of October. The mission’s name is unity 23 and may carry a total of six people on board, including two pilots and four passengers.