Virgin Galactic founder Sir Richard Branson. Photo: Jim Watson/AFP via Getty Images

Virgin Galactic is set to hit the New York Stock Exchange on Monday after its merger with venture capitalist Chamath Palihapitiya's special purpose vehicle was approved by company shareholders, CNBC reports.

Why it matters: The approval means Virgin Galactic will become the first human spaceflight and space tourism company to be publicly traded on the stock market.

Background: Virgin Galactic's spacecraft can carry up to six passengers along with two pilots up to the edge of space. The flights go for about $250,000 per person, with 603 members of the public already on a waitlist to fly.

The company's merger with former Facebook senior executive Palihapitiya's company Social Capital Hedosophia was announced back in May.

  • Social Capital Hedosophia took a 49% stake in Virgin Galactic, giving the company a $1.5 billion valuation.
  • Virgin Galactic Founder Sir Richard Branson retained a 51% controlling stake.

Go deeper: Richard Branson's Virgin Galactic is going public

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Pelosi: "States don't have the money" for Trump's unemployment order

House Speaker Nancy Pelosi told "Fox News Sunday" that states don't have the funds to comply with the executive order President Trump signed on Friday, which requires them to cover 25% of an additional $400 in weekly unemployment benefits.

Why it matters: Many state and local governments have had their budgets devastated by the economic impacts of the coronavirus, which have caused expenses to soar and revenues to plunge.

Kudlow says he regrets claiming Trump couldn't use executive order for unemployment

White House economic adviser Larry Kudlow said on CNN's "State of the Union" Sunday that he regrets suggesting this week that unemployment benefits can only be extended by Congress.

Why it matters: President Trump's decision to bypass Congress to sign four executive actions, including one that provides $400 per week in extra unemployment benefits, has prompted outcry from Democrats and even some Republicans who believe he is overstepping his constitutional authority.

2 hours ago - World

Lebanon information minister resigns days after deadly explosion

Anti-government protesters in Beirut. Photo: STR/NurPhoto via Getty Images

Lebanon’s information minister resigned on Sunday in the wake of mass protests over the deadly blast in Beirut's port last week, which has killed at least 160 people and injured nearly 6,000, AP reports.

Why it matters: In her resignation letter, Manal Abdel-Samad called change "elusive" and apologized for not delivering more to the country, which had been devastated by a financial crisis and the coronavirus pandemic even before the blast destroyed much of the capital city.