Vertical Aerospace Ltd - EVTL STOCK NEWS

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.

Vertical Aerospace (NYSE: EVTL) has released its financial results for the first half of 2024 and issued a shareholder letter. Key highlights include:

1. Completion of Phase 1 piloted flight tests for the new VX4 prototype

2. Expanded Design Organisation Approval from the UK Civil Aviation Authority

3. Acceptance into the UK Ministry of Defence's Uncrewed Air Systems Heavy Lift Challenge framework

4. H1 2024 operating loss of £20 million ($25 million)

5. Cash and cash equivalents of £67m / $84m as of June 30, 2024

6. Anticipated net cash outflows of £40m to £45m in H2 2024

7. Plans for a 1-for-10 reverse share split effective September 20, 2024

The company is in discussions for potential third-party investment to extend its cash runway.

Vertical Aerospace (NYSE: EVTL) has announced an Extraordinary General Meeting (EGM) to be held on September 30th, 2024, at 10:00 a.m. (GMT) in London. The EGM was requisitioned by Stephen Fitzpatrick, a major shareholder, to propose amendments to the company's Articles of Association. Key proposed changes include:

1. Removing the requirement for directors appointed by Fitzpatrick to be independent (subject to NYSE requirements)
2. Allowing shareholders with a majority stake to remove any director by written instruction

The company has provided shareholders with a circular detailing the EGM notice and proxy card, which has been filed with the SEC on September 17, 2024.

Vertical Aerospace (NYSE: EVTL) has announced a one-for-ten (1:10) reverse share split of its ordinary and preferred shares, effective September 20, 2024. Trading on a split-adjusted basis will begin on September 23, 2024, under the existing symbol 'EVTL' but with a new CUSIP number. This move aims to increase the per share trading price and regain compliance with NYSE's minimum share price criteria.

Key points:

• Every ten shares will be converted into one share
• Authorized shares will decrease proportionally
• No fractional shares will be issued; cash will be provided instead
• The split affects shares under the 2021 Incentive Award Plan, warrants, convertible notes, and options
• Public warrants will be adjusted: 10 warrants needed to receive 1 ordinary share
• Warrant exercise price adjusted to $115.00 per share

Vertical Aerospace [NYSE: EVTL] has completed Phase 1 of piloted testing for its new VX4 prototype at the Vertical Flight Test Centre. The phase included 20 piloted test sorties with 70 individual test points, covering tethered flights, ground taxi testing, and high-powered ground runs. Key achievements include:

- Simulating Electric Propulsion Unit (EPU) failure during flight
- Collecting 35,000 flight and system parameters
- Completing the phase in just one week – 3 times faster than the previous prototype

Vertical is now preparing for Phase 2, which will involve piloted untethered thrustborne testing, pending UK Civil Aviation Authority approval. The new VX4 prototype boasts a 20% increase in power-to-weight ratio, enabling speeds up to 150mph.

Vertical Aerospace (NYSE: EVTL), a pioneer in zero-emission aviation, has announced its Annual General Meeting (AGM) for September 16th, 2024, at 12:30pm London Time. The meeting will be held at the company's Bristol Headquarters. Shareholders are invited to consider several proposals outlined in the company's circular, which includes a notice of the AGM, a letter to shareholders, and a proxy card form. These documents have been filed with the SEC on August 16, 2024, as part of a current report on Form 6-K. The AGM provides an opportunity for shareholders to participate in key company decisions and stay informed about Vertical Aerospace's progress in the aerospace and technology sectors.

Vertical Aerospace [NYSE: EVTL] has achieved a significant milestone in its journey towards eVTOL certification. The company's latest VX4 prototype has completed its first tethered piloted flight, marking the beginning of the 'wheels up' phase of testing. This achievement follows the UK Civil Aviation Authority issuing a Permit to Fly for the aircraft.

During the flight, over 20,000 flight and system parameters were measured to verify thrust, handling qualities, and system performance. The VX4's advanced powertrain, featuring proprietary battery packs capable of delivering 1.4 MW of peak power, had previously undergone successful ground testing. The next phases of testing will include thrustborne flight, wingborne flight, and ultimately, piloted transition flight, subject to CAA approval.

Vertical Aerospace [NYSE: EVTL] has begun testing its new, more advanced VX4 eVTOL prototype. Initial powered ground tests, including propeller balancing, have been completed at the company's Flight Test Centre. The next phase involves powered propulsion system testing of the advanced powertrain, featuring proprietary battery packs capable of 1.4 MW peak power.

The new VX4 boasts a 20% increase in power-to-weight ratio, enabling speeds up to 150mph. Vertical plans to progress to tethered and untethered flight tests once the UK Civil Aviation Authority (CAA) issues a Permit to Fly. The aircraft, designed with global aerospace partners, incorporates next-generation propellers and new battery technology developed at Vertical's Energy Centre near Bristol.