$SPCE: Today's News is not all bearish

TLDR: Today's debt-for-equity 8-K means company has run out of its easiest fundraising tool (The ATM). Supply pressure on the stock is structurally lower for the next 16 days. Two pieces of background you need: The ATM. Since November 2024, VG has had a $300M "sell shares into the market whenever convenient" program (called an at-the-market offering, or ATM). Their bank Jefferies dribbles out shares during normal trading. They've used about $200M cumulatively, with ~$87M left as of late April. Through May's