Vertical Aerospace Announces $50 Million in New Funding as Part of $180 Million Transaction That Will Strengthen Its Financial Position and Advance Its Flightpath 2030 Strategy
Vertical Aerospace Ltd. (EVTL)
Company Research
Source: Business Wire
Vertical Aerospace secures agreement under which Mudrick Capital will commit up to $50 million in the next equity round, promoting financial stability.Transaction is expected to add approximately $180 million to Vertical’s balance sheet, including through the conversion of approximately $130 million of debt into equity, significantly reducing Vertical’s debt. The conversion price of the remaining convertible notes will be fixed.Founder, Stephen Fitzpatrick, retains a strategic role as a board director to guide the company through its Flightpath 2030 Strategy. LONDON & NEW YORK--(BUSINESS WIRE)--Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace and technology company pioneering electric aviation, today announced the signing of a term sheet among the Company, its majority shareholder Stephen Fitzpatrick, and its primary creditor Mudrick Capital Management.This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/2024112546
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News
- Vertical Aerospace Announces $50 Million in New Funding as Part of $180 Million Transaction That Will Strengthen Its Financial Position and Advance Its Flightpath 2030 Strategy [Yahoo! Finance]Yahoo! Finance
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- Vertical Aerospace Ltd. (NYSE: EVTL) had its price target raised by analysts at Barclays PLC from $0.75 to $2.00. They now have an "underweight" rating on the stock.MarketBeat
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EVTL
Sec Filings
- 11/25/24 - Form SC
- 11/25/24 - Form 6-K
- 11/21/24 - Form 6-K
- EVTL's page on the SEC website