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Vertical Aerospace Announces “Closing Of USD90 Million Underwritten Public Offering”

UK-based eVTOL com­pa­ny, Ver­ti­cal Aero­space, recent­ly announced the clos­ing of its under­writ­ten pub­lic offer­ing of USD90 mil­lion, before deduct­ing costs, reports a press release. The amount raised had increased from an ini­tial invest­ment tar­get of USD75 mil­lion.

The mon­ey attract­ed includes over USD60 mil­lion from new back­ers, as well as USD25 mil­lion from Mudrick Cap­i­tal, fol­low­ing the sign­ing of a fund­ing agree­ment last Decem­ber. This accel­er­ates Vertical’s Flight­path 2030 strat­e­gy and includes a con­ver­sion of USD130 mil­lion of debt into equi­ty.

The release explains, “In the Offer­ing, Ver­ti­cal sold 15 mil­lion units at USD6 per unit. Each unit com­pris­es one ordi­nary share and one-half of one Tranche A war­rant and one-half of one Tranche B war­rant. The exer­cise of the war­rants would gen­er­ate addi­tion­al pro­ceeds of approx­i­mate­ly USD101 mil­lion.”

Ver­ti­cal intends to use the pro­ceeds to fund its VX4 eVTOL air­craft R&D, as well as expen­di­tures, to expand test­ing and cer­ti­fi­ca­tion capac­i­ties along­side gen­er­al work­ing cap­i­tal.

Vertical’s 2025 oper­a­tional tar­gets include:-

: Fly full-scale pilot­ed wing­borne and tran­si­tion.

: Build and fly its third full-scale VX4 pro­to­type.

: Fly full-scale pilot­ed flights demon­strat­ing real-world use cas­es.

: Earn addi­tion­al DOA priv­i­leges includ­ing Flight Con­di­tions priv­i­lege grant­ed by the CAA.

: Ini­ti­ate cer­ti­fi­ca­tion air­craft pro­duc­tion with long-range parts pur­chas­ing.

: Strength­en its oper­at­ing mod­el and shift its approach to focus on exe­cu­tion.

Stu­art Simp­son

Stu­art Simp­son, CEO of Ver­ti­cal Aero­space, com­ment­ed, “This fund­ing rep­re­sents a major mile­stone for our busi­ness as we advance our Flight­path 2030 strat­e­gy.”

Dómh­nal Slat­tery, the recent­ly appoint­ed new Chair­man of Ver­ti­cal, added, “Strong investor demand and the suc­cess of this upsized pub­lic offer­ing are indi­ca­tors of investors’ con­fi­dence in Vertical’s vision and our abil­i­ty to lead the eVTOL sec­tor by the end of the decade. Secur­ing access to cap­i­tal is crit­i­cal to our suc­cess.”

Fur­ther details of the fund­ing raise includes:-

: Total num­ber of ordi­nary shares out­stand­ing fol­low­ing the clos­ing of this offer is now 84,552,721 (exclud­ing ordi­nary shares held in trea­sury).

: Cash and equiv­a­lents as of Decem­ber 31st 2024 is USD28 mil­lion.

: Gross pro­ceeds of raise USD90 mil­lion, net pro­ceeds USD84 mil­lion.

: Ver­ti­cal cur­rent­ly plans to release its FY 2024 results on March 11th.

For more infor­ma­tion

https://vertical-aerospace.com/

(Top image: Vertical’s VX4)

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