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Vertical Aerospace Ltd. (EVTLW) is a leading company in the electric vertical takeoff and landing (eVTOL) aircraft industry. They design and manufacture innovative aircraft that are revolutionizing urban air mobility. With a strong focus on safety, efficiency, and sustainability, Vertical Aerospace is at the forefront of the future of transportation. The company's recent achievements include successful test flights, strategic partnerships with major aviation companies, and securing significant investments for future growth. Their current projects involve the development of advanced eVTOL models with cutting-edge technology to provide safe and environmentally friendly air transportation solutions. Vertical Aerospace's commitment to innovation and excellence positions them as a key player in the rapidly evolving aerospace industry.
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) 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), 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) reported financial results for Q1 2024, highlighting a net operating loss of £20 million, an improvement from last year's £23 million loss. The company secured a £10 million grant, bolstering their total grant funding to £47 million, and received an additional £19.5 million investment. The VX4 aircraft prototype is nearing completion, with test flights planned for later this year. Vertical's partnership with Rolls-Royce ended, but the financial impact is mitigated. The company plans further fundraising efforts in 2024 to meet capital requirements and address NYSE listing compliance issues, potentially through a reverse share split.
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