Vertical Aerospace Ltd. - EVTL STOCK NEWS

Vertical Aerospace [NYSE: EVTL] has appointed aviation industry veteran Dómhnal Slattery as Chairman of its Board of Directors, effective immediately. Slattery, who previously served as Chairman from January 2022 to August 2023, brings over three decades of aviation expertise, including founding Avolon and SMBC Aviation, now ranked as the second and third largest aircraft leasing companies globally.

The appointment follows significant company progress, including a recent $180 million balance sheet strengthening with $50 million in new committed funding. Vertical has also achieved piloted thrustborne flight with a full-scale vectored thrust eVTOL aircraft, becoming the second company worldwide to reach this milestone. Stephen Welch, the outgoing Chairman, will remain on the Board as a non-executive director.

Vertical Aerospace (NYSE: EVTL) has achieved a significant milestone by completing its first piloted thrustborne flight manoeuvres, becoming only the second company worldwide to accomplish this with a full-scale vectored thrust eVTOL aircraft. The achievement follows approval from the UK Civil Aviation Authority (CAA) to expand its Permit to Fly.

The latest flight, conducted by Chief Test Pilot Simon Davies, included roll, yaw and spot turn manoeuvres. The company is progressing through its testing phases, with thrustborne flights designed to assess aircraft stability, battery efficiency, control characteristics, and performance across different speeds.

To strengthen its flight test program, Vertical has appointed Tim Eldridge as test pilot, bringing over two decades of Royal Navy flight test experience. The company is now preparing for Phase 3 wingborne flight tests, which will serve as a mini-certification of the prototype, following the completion of Phase 1 (tethered) and ongoing Phase 2 (thrustborne) testing.

Vertical Aerospace (NYSE: EVTL) has finalized a significant investment agreement with Mudrick Capital Management, securing up to $50 million in new funding. The deal includes $25 million in upfront funding and an additional $25 million backstop. As part of the transaction, Mudrick Capital has converted $130 million of debt into equity at $2.75 per share, with the remaining $130 million set for conversion at $3.50 per share.

The agreement strengthens Vertical's balance sheet by approximately $180 million and extends loan repayment to December 2028. Shareholders have approved new governance arrangements, including establishing a majority of independent directors and increasing the company's authorized share capital from $110,000 to $210,000.

Vertical Aerospace (NYSE: EVTL) announced its Q3 2024 financial results, highlighting significant developments. The company secured an investment agreement with Mudrick Capital and majority shareholder Stephen Fitzpatrick, providing up to $50 million in new funding and strengthening the balance sheet by $180 million. The deal is expected to fund operations through late 2025.

Key achievements include launching Phase 2 of piloted flight tests following UK Civil Aviation Authority approval and winning the Shaping the Future Award at ATI 2024. As of September 30, 2024, the company held £42.8 million in cash, which decreased to approximately £25 million by the press release date. The new funding round is anticipated to close in Q1 2025.

Vertical Aerospace (NYSE: EVTL) has announced an extraordinary general meeting (EGM) scheduled for December 23, 2024, at 10:30 a.m. GMT in London. The meeting follows a term sheet agreement signed on November 24, 2024, between the company, majority shareholder Stephen Fitzpatrick, and primary creditor Mudrick Capital Management. This agreement aims to address immediate cash requirements and facilitate longer-term fund raising. Shareholders will consider amendments to the company's third amended and restated memorandum and articles of association. A circular with meeting details and proxy information has been filed with the SEC on December 13, 2024.

Vertical Aerospace [NYSE: EVTL] has secured a significant financial agreement that includes a $50 million funding commitment from Mudrick Capital, with $25 million in upfront funding and a $25 million backstop. The transaction will add approximately $180 million to Vertical's balance sheet, including the conversion of about $130 million of debt into equity at $2.75 per share. The remaining convertible notes will have a fixed conversion price of $3.50 per share, and the loan repayment date has been extended to December 2028. Founder Stephen Fitzpatrick will remain on the board to guide the company's Flightpath 2030 Strategy, which aims to establish Vertical as a global leader in the eVTOL market.

Vertical Aerospace [NYSE: EVTL] has achieved a significant milestone as its VX4 prototype begins Phase 2 of piloted flight testing, successfully completing untethered vertical take-off and landing. The prototype, powered by battery packs delivering up to 1.4 MW of peak power, has completed nearly 90 test points and measured 35,000 flight parameters.

Following the UK Civil Aviation Authority's expansion of Vertical's Permit to Fly, testing will progress to low-speed manoeuvres at the Cotswolds Airport Flight Test Centre. The company is developing an identical prototype to accelerate the testing program, which consists of four phases: tethered hover (completed), thrustborne flight (current), wingborne flight, and transition between flight modes.

Vertical Aerospace (NYSE: EVTL) announces 'Flightpath 2030', its strategic plan for market leadership in electric aviation. The company aims to deliver at least 150 aircraft by 2030, targeting a production rate exceeding 200 VX4 units in Q4 2030, scaling to over 700 units annually. The strategy includes certifying the VX4 in 2028 and its first major upgrade in 2030, with expected gross profit margins exceeding 40%. Currently in Phase 2 of piloted flight testing, Vertical has £42.8 million in cash and expects £78.4 million in operational spending over the next 12 months. The company is in discussions for additional funding to extend into 2025.

Vertical Aerospace (NYSE: EVTL), a zero-emission aviation pioneer, has announced it will provide a business update before market opening on Tuesday, November 12. The company will host a webcast at 8:30 AM ET (13:30 GMT), led by CEO Stuart Simpson and other leadership team members. Investors can access the webcast through Vertical's Investor Relations website or join via phone using the provided dial-in numbers. A replay will be available on the company website after the event.