Energy tycoon risks £200m lawsuit as flying taxi company battles cash crunch [Yahoo! Finance]
Vertical Aerospace Ltd. (EVTL)
Company Research
Source: Yahoo! Finance
It is understood that Mudrick Capital, the largest creditor in Vertical Aerospace, has instructed lawyers to explore a possible lawsuit against founder Mr Fitzpatrick. This is on the basis that he has allegedly put his interests above those of the company's backers. The threat of legal action has emerged amid a cash crunch at Vertical Aerospace, which was plunged into crisis after Mr Fitzpatrick reneged on a promise to inject $25m (£19m) into the business over the summer. This has since led to restructuring experts being drafted in to help salvage the Bristol-based company, which employs around 300 people and is at risk of running out of cash by early next year. Mudrick Capital, a US investment fund that handed Vertical Aerospace $200m in cash three years ago, is now attempting to rescue the business by converting its debt into equity. Its proposal includes an immediate $50m lifeline for the start-up, which it has said will keep it afloat until the end of next year at the l
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EVTL
News
- 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
- Europe's flying taxi dreams falter as cash runs short [Yahoo! Finance]Yahoo! Finance
- VX4 Achieves Major Milestone With Launch of Phase 2 of Piloted Flight Testing [Yahoo! Finance]Yahoo! Finance
- VX4 Achieves Major Milestone With Launch of Phase 2 of Piloted Flight TestingBusiness Wire
- Vertical Aerospace Launches "Flightpath 2030", a Strategy to Pioneer Electric AviationBusiness Wire
EVTL
Sec Filings
- 11/21/24 - Form 6-K
- 11/13/24 - Form SC
- 11/12/24 - Form 6-K
- EVTL's page on the SEC website