A standard Minecraft torch, placed in a space base which has no oxygen - so there is no Oxygen Distributor and the space is not sealed - will stop burning. It might emit some black smoke particles, but the light will go out.
This is called an Unlit Torch.
Unlit Torches will convert into regular, lit torches only if supplied with oxygen from an Oxygen Distributor or by sealing the room. OK ... almost regular torches - if you break a torch (lit or unlit) in a Galacticraft dimension and pick it up in your player inventory, you will see the item name is written 'Torch' in blue rather than white. This shows that it's a Galacticraft torch, which will have the behaviour described here if you place it.
Any vanilla Torch in the player's inventory will automatically change to a Galacticraft Torch when used in space dimensions. Any Galacticraft Torch in the player's inventory will automatically change to a vanilla Torch when used back in the Overworld. "Use" means hold a stack of torches in your hand as the current item, or place in the world. Stacks of blue (Galacticraft) Torches and white (vanilla) Torches do not stack with the other type: it is possible for a player to have both types in the inventory together, but except for not stacking there is no other difference.
Torches from other mods
As of Galacticraft version 126.96.36.1996, torches from selected other mods respond to oxygen or no oxygen in the same way (these torches are available only if you have the other mod installed, of course):
The Stone Torch now has an unlit version, if there is no oxygen.
A similar change is planned for the candles in Pam's HarvestCraft - not yet implemented but it will be soon.
Similar compatibility with other mods may be possible in future if the torch looks like a re-skinned vanilla torch - e.g. Carpenter's Blocks torch. But it's not going to be possible for lamps, lanterns, or differently shaped torches e.g. magnum torches.