evtlw - EVTLW STOCK NEWS

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.

Vertical Aerospace has made leadership appointments to drive the certification and commercialization of its VX4 aircraft. Stuart Simpson, a seasoned executive, is appointed CEO, while the founder, Stephen Fitzpatrick, remains on the board. Ben Story, with extensive experience, joins the board. The company is preparing for a pivotal phase with the VX4 prototype nearing completion.

Vertical Aerospace Ltd. (NYSE: EVTL; EVTLW) announces financial results and operational highlights for Q3 2023, including progress in certification, testing, and flight demonstrations. The company reported a net operating loss of £22m for the quarter and £74m in cash at bank as of September 30, 2023.

Vertical Aerospace announces financial results for the first half of 2023 and highlights progress in flight tests and certification activities. The company has seen momentum in testing, certification, and commercial efforts, including the first untethered flights of its full-scale VX4 and the addition of South Korea as a launch market. The net operating loss for the first half of 2023 was £36m. Vertical expects to spend approximately £80m over the next year. The company is progressing the build of its second prototype VX4 and making progress with certification activities. Stuart Simpson has been appointed as the Chief Financial Officer. Vertical has partnered with Kakao Mobility to develop urban air mobility travel solutions in South Korea. The company reported a net operating loss of £36m for the six months ended June 30, 2023, compared to £39.5m for the same period in 2022. Vertical had cash and cash equivalents of £89.7m as of June 30, 2023.

Vertical Aerospace announces financial results for Q1 2023 and receives Design Organisation Approval. The company reports a net operating loss of £23m and has cash and cash equivalents of £104m as of March 31, 2023. Vertical targets certification by the end of 2026.