Mudrick group keeps 58.4% stake in Vertical Aerospace (EVTL) after $50M raise

Rhea-AI Filing Summary

Mudrick Capital and affiliated funds report a significant stake in Vertical Aerospace Ltd., holding 101,021,846 ordinary shares and equivalents, representing 58.4% of the class as of March 30, 2026. This total includes common shares, Convertible Senior Secured Notes and multiple warrant series.

Vertical Aerospace announced a $50 million capital raise through an at-the-market share issuance program on March 30, 2026, which reduced the Mudrick group’s beneficial ownership by more than 1%. On the same date, Mudrick Capital Management agreed in principle to extend existing 10.00% / 12.00% Convertible Senior Secured Notes from December 2028 to December 2030 and to provide a facility to purchase up to an additional $50 million of new convertible secured notes over 12 months, subject to definitive agreements and conditions.

Insights

Event-driven credit & equity analyst

Mudrick remains a controlling holder while backing a $50M equity and $50M debt financing package.

Mudrick Capital and affiliated funds disclose beneficial ownership of 101,021,846 Vertical Aerospace ordinary shares and equivalents, or 58.4% of the class as of March 30, 2026. This indicates continued control-level exposure combining equity, convertible notes and warrants.

Vertical Aerospace completed a $50 million at-the-market equity raise, which diluted Mudrick’s stake by more than 1%. On the same date, Mudrick agreed in principle to extend existing 10.00% / 12.00% Convertible Senior Secured Notes from December 2028 to December 2030 and to provide a facility for up to $50 million of new convertible secured notes on the same terms.

These steps combine additional equity capital with longer-dated, high-coupon convertible debt capacity from the same sponsor group. Actual deployment of the new note facility and final terms depend on execution of definitive agreements and meeting stated conditions, so subsequent disclosures will clarify how much of this financing pathway is utilized.

Key Figures

Beneficial ownership: 101,021,846 shares Ownership percentage: 58.4% of class ATM equity raise: $50 million +5 more

8 metrics

Beneficial ownership 101,021,846 shares Mudrick group beneficially owned amount as of March 30, 2026

Ownership percentage 58.4% of class Percent of Vertical Aerospace ordinary shares represented by Mudrick holdings

ATM equity raise $50 million Registered ordinary shares issued under at-the-market program on March 30, 2026

New note facility size $50 million Potential additional convertible secured notes purchasable by Mudrick over 12 months

Convertible note coupon 10.00% / 12.00% Interest rates on existing Convertible Senior Secured Notes held by certain reporting persons

Existing maturity extended Dec 2028 to Dec 2030 Agreed-in-principle extension of Convertible Senior Secured Notes maturity

Ordinary shares outstanding 126,602,621 shares Ordinary Shares outstanding after giving effect to Capital Raise, used in several ownership calculations

Fully diluted basis example 172,964,882 shares Ordinary Shares outstanding figure including conversions and warrant exercises for one reporting person’s calculation

Key Terms

Convertible Senior Secured Notes, at the market share issuance program, beneficial ownership, Rule 13d-5, +2 more

6 terms

Convertible Senior Secured Notes financial

"10.00% / 12.00% Convertible Senior Secured Notes held by certain of the Reporting Persons"

A convertible senior secured note is a loan that a company issues which is backed by specific assets and gets paid before other debts if the company fails, while also giving lenders the option to convert the loan into the company’s shares. For investors this matters because the security and senior status reduce credit risk like a mortgage on a house, but the conversion feature can dilute existing shareholders and tie returns to the stock’s future performance.

at the market share issuance program financial

"issued under the Issuer's "at the market" share issuance program pursuant to the open market sale agreement"

beneficial ownership financial

"the Reporting Persons' beneficial ownership decreased by more than 1% of the Issuer's outstanding equity securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Rule 13d-5 regulatory

"may be deemed to constitute a "group" within the meaning of Rule 13d-5 under the Exchange Act"

Rule 10b5-1(c)(1)(i) regulatory

"enter into agreements with a broker intended to comply with the requirements of Rule 10b5-1(c)(1)(i) under the Act"

Convertible secured notes financial

"purchase up to $50 million of new additional convertible secured notes subject to certain conditions"

A convertible secured note is a loan a company takes that is backed by specific assets as collateral and carries an option for the lender to convert the debt into company shares instead of getting repaid in cash. For investors this matters because the collateral lowers the lender’s risk like a pledged asset on a loan, while the conversion feature can dilute existing owners and change future ownership and valuation, so it affects both downside protection and potential share value.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)

Vertical Aerospace Ltd.

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G9471C107

(CUSIP Number)

Jason Mudrick
Mudrick Capital Management, L.P., 527 Madison Avenue, 6th Floor
New York, NY, 10022
646-747-9500

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/30/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 101,021,846.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 101,021,846.00

11

Aggregate amount beneficially owned by each reporting person

101,021,846.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

58.4 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 54,659,585 ordinary shares, par value $0.0001 per share ("Ordinary Shares"), of Vertical Aerospace Ltd. (the "Issuer"), (ii) 41,796,261 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 400,000 Ordinary Shares issuable upon the exercise of Existing Warrants, 2,083,000 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 2,083,000 Ordinary Shares issuable upon the exercise of Tranche B Warrants (as each is defined in this Schedule 13D), in each case, directly held by Mudrick Distressed Opportunity Fund Global, L.P., Mudrick Distressed Opportunity Drawdown Fund II, L.P., Mudrick Distressed Opportunity Drawdown Fund II SC, L.P., Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P., Mudrick Distressed Opportunity SIF Master Fund, L.P., Mudrick Stressed Credit Master Fund, L.P., Mudrick Opportunity Co-Investment Fund, LP, Mudrick Distressed Opportunity Drawdown Fund III, L.P., Mudrick Co-Investment Opportunity III, L.P. and certain accounts managed by Mudrick Capital Management, L.P. (collectively, the "Mudrick Funds"), in the aggregate. Row 13 is based on 172,964,882 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 41,796,261 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes, (iii) 400,000 Ordinary Shares issuable upon exercise of Existing Warrants, (iv) 2,083,000 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 2,083,000 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Capital Management, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 101,021,846.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 101,021,846.00

11

Aggregate amount beneficially owned by each reporting person

101,021,846.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

58.4 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 54,659,585 Ordinary Shares of the Issuer, (ii) 41,796,261 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 400,000 Ordinary Shares issuable upon the exercise of Existing Warrants, 2,083,000 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 2,083,000 Ordinary Shares issuable upon the exercise of Tranche B Warrants (as each is defined in this Schedule 13D), in each case, directly held by the Mudrick Funds in the aggregate. Row 13 is based on 172,964,882 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 41,796,261 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes, (iii) 400,000 Ordinary Shares issuable upon exercise of Existing Warrants, (iv) 2,083,000 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 2,083,000 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Jason Mudrick

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 101,021,846.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 101,021,846.00

11

Aggregate amount beneficially owned by each reporting person

101,021,846.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

58.4 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 54,659,585 Ordinary Shares of the Issuer, (ii) 41,796,261 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 400,000 Ordinary Shares issuable upon the exercise of Existing Warrants, 2,083,000 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 2,083,000 Ordinary Shares issuable upon the exercise of Tranche B Warrants (as each is defined in this Schedule 13D), in each case, directly held by the Mudrick Funds in the aggregate. Row 13 is based on 172,964,882 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 41,796,261 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes, (iii) 400,000 Ordinary Shares issuable upon exercise of Existing Warrants, (iv) 2,083,000 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 2,083,000 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity Fund Global, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 23,356,030.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 23,356,030.00

11

Aggregate amount beneficially owned by each reporting person

23,356,030.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.0 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 12,613,206 Ordinary Shares of the Issuer, (ii) 9,836,542 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 94,138 Ordinary Shares issuable upon the exercise of Existing Warrants, 406,072 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 406,072 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity Fund Global, L.P. Row 13 is based on 137,345,445 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 9,836,542 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity Fund Global, L.P., (iii) 94,138 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Distressed Opportunity Fund Global, L.P., (iv) 406,072 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 406,072 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 23,356,031.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 23,356,031.00

11

Aggregate amount beneficially owned by each reporting person

23,356,031.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

17.0 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 12,613,206 Ordinary Shares of the Issuer, (ii) 9,836,543 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 94,138 Ordinary Shares issuable upon the exercise of Existing Warrants, 406,072 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 406,072 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity Fund Global, L.P. Row 13 is based on 137,345,445 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 9,836,543 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity Fund Global, L.P., (iii) 94,138 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Distressed Opportunity Fund Global, L.P., (iv) 406,072 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 406,072 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity Drawdown Fund II, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 13,458,661.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 13,458,661.00

11

Aggregate amount beneficially owned by each reporting person

13,458,661.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

10.1 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 7,268,224 Ordinary Shares of the Issuer, (ii) 5,668,201 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 54,246 Ordinary Shares issuable upon the exercise of Existing Warrants, 233,995 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 233,995 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity Drawdown Fund II, L.P. Row 13 is based on 132,793,058 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 5,668,201 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity Drawdown Fund II, L.P., (iii) 54,246 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Distressed Opportunity Drawdown Fund II, L.P, (iv) 233,995 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 233,995 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity Drawdown Fund II SC, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,404,767.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,404,767.00

11

Aggregate amount beneficially owned by each reporting person

1,404,767.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.1 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 758,631 Ordinary Shares of the Issuer, (ii) 591,626 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 5,662 Ordinary Shares issuable upon the exercise of Existing Warrants, 24,424 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 24,424 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity Drawdown Fund II SC, L.P. Row 13 is based on 127,248,757 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 591,626 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity Drawdown Fund II SC, L.P., (iii) 5,662 Ordinary Shares issuable upon exercise of Existing Warrants held Mudrick Distressed Opportunity Drawdown Fund II SC, L.P., (iv) 24,424 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 24,424 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity Drawdown Fund II GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 14,863,428.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 14,863,428.00

11

Aggregate amount beneficially owned by each reporting person

14,863,428.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.1 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 8,026,855 Ordinary Shares of the Issuer, (ii) 6,259,827 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 59,908 Ordinary Shares issuable upon the exercise of Existing Warrants, 258,419 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 258,419 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity Drawdown Fund II, L.P. and Mudrick Distressed Opportunity Drawdown Fund II SC, L.P. Row 13 is based on 133,439,194 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 6,259,827 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity Drawdown Fund II, L.P. and Mudrick Distressed Opportunity Drawdown Fund II SC, L.P., (iii) 59,908 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Distressed Opportunity Drawdown Fund II, L.P. and Mudrick Distressed Opportunity Drawdown Fund II SC, L.P., (iv) 258,419 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 258,419 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,520,599.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,520,599.00

11

Aggregate amount beneficially owned by each reporting person

3,520,599.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.7 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 1,901,267 Ordinary Shares of the Issuer, (ii) 1,482,722 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 14,190 Ordinary Shares issuable upon the exercise of Existing Warrants, 61,210 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 61,210 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P. Row 13 is based on 128,221,953 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 1,482,722 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P., (iii) 14,190 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P., (iv) 61,210 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 61,210 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity 2020 Dislocation Fund GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,520,599.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,520,599.00

11

Aggregate amount beneficially owned by each reporting person

3,520,599.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.7 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 1,901,267 Ordinary Shares of the Issuer, (ii) 1,482,722 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 14,190 Ordinary Shares issuable upon the exercise of Existing Warrants, 61,210 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 61,210 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P. Row 13 is based on 128,221,953 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 1,482,722 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P., (iii) 14,190 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P., (iv) 61,210 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 61,210 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity SIF Master Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,731,491.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,731,491.00

11

Aggregate amount beneficially owned by each reporting person

2,731,491.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.1 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 1,501,073 Ordinary Shares of the Issuer, (ii) 1,126,618 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 10,782 Ordinary Shares issuable upon the exercise of Existing Warrants, 46,509 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 46,509 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity SIF Master Fund, L.P. Row 13 is based on 127,833,039 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 1,126,618 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity SIF Master Fund, L.P., (iii) 10,782 Ordinary Shares issuable upon exercising of Existing Warrants held by Mudrick Distressed Opportunity SIF Master Fund, L.P., (iv) 46,509 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 46,509 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity SIF GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,731,491.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,731,491.00

11

Aggregate amount beneficially owned by each reporting person

2,731,491.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.1 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 1,501,073 Ordinary Shares of the Issuer, (ii) 1,126,618 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 10,782 Ordinary Shares issuable upon the exercise of Existing Warrants, 46,509 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 46,509 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity SIF Master Fund, L.P. Row 13 is based on 127,833,039 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 1,126,618 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity SIF Master Fund, L.P., (iii) 10,782 Ordinary Shares issuable upon exercising of Existing Warrants held by Mudrick Distressed Opportunity SIF Master Fund, L.P., (iv) 46,509 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 46,509 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Stressed Credit Master Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,710,801.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,710,801.00

11

Aggregate amount beneficially owned by each reporting person

2,710,801.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.1 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 1,477,104 Ordinary Shares of the Issuer, (ii) 1,108,623 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 33,540 Ordinary Shares issuable upon the exercise of Existing Warrants, 45,767 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 45,767 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Stressed Credit Master Fund, L.P. Row 13 is based on 127,836,318 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 1,108,623 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Stressed Credit Master Fund, L.P. or on behalf of MSC Fund A, (iii) 33,540 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Stressed Credit Master Fund, L.P., (iv) 45,767 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 45,767 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Stressed Credit Fund GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,710,801.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,710,801.00

11

Aggregate amount beneficially owned by each reporting person

2,710,801.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.1 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 1,477,104 Ordinary Shares of the Issuer, (ii) 1,108,623 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 33,540 Ordinary Shares issuable upon the exercise of Existing Warrants, 45,767 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 45,767 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Stressed Credit Master Fund, L.P. Row 13 is based on 127,836,318 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 1,108,623 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Stressed Credit Master Fund, L.P. or on behalf of MSC Fund A, (iii) 33,540 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Stressed Credit Master Fund, L.P., (iv) 45,767 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 45,767 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Opportunity Co-Investment Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,238,495.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,238,495.00

11

Aggregate amount beneficially owned by each reporting person

2,238,495.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.8 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 1,183,589 Ordinary Shares of the Issuer, (ii) 1,044,906 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 10,000 Ordinary Shares issuable upon the exercise of Existing Warrants, in each case, directly held by Mudrick Opportunity Co-Investment Fund, L.P. Row 13 is based on 127,657,527 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 1,044,906 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Opportunity Co-Investment Fund, L.P., and (iii) 10,000 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Opportunity Co-Investment Fund, L.P.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Opportunity Co-Investment Fund GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,238,495.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,238,495.00

11

Aggregate amount beneficially owned by each reporting person

2,238,495.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.8 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 1,183,589 Ordinary Shares of the Issuer, (ii) 1,044,906 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 10,000 Ordinary Shares issuable upon the exercise of Existing Warrants, in each case, directly held by Mudrick Opportunity Co-Investment Fund, L.P. Row 13 is based on 127,657,527 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 1,044,906 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Opportunity Co-Investment Fund, L.P., and (iii) 10,000 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Opportunity Co-Investment Fund, L.P.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity Drawdown Fund III, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 512,447.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 512,447.00

11

Aggregate amount beneficially owned by each reporting person

512,447.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.4 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 265,045 Ordinary Shares of the Issuer, (ii) 123,701 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 123,701 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity Drawdown Fund III, L.P. Row 13 is based on 126,850,023 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 123,701 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (iii) 123,701 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity Drawdown Fund III GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 512,447.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 512,447.00

11

Aggregate amount beneficially owned by each reporting person

512,447.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.4 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 265,045 Ordinary Shares of the Issuer, (ii) 123,701 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 123,701 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity Drawdown Fund III, L.P. Row 13 is based on 126,850,023 Ordinary Shares outstanding, which includes (i) 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6), (ii) 123,701 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (iii) 123,701 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Co-Investment Opportunity III, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 250,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 250,000.00

11

Aggregate amount beneficially owned by each reporting person

250,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include 250,000 Ordinary Shares of the Issuer directly held by Mudrick Co-Investment Opportunity III, L.P. Row 13 is based on 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6).

SCHEDULE 13D

CUSIP Number(s): G9471C107

1

Name of reporting person

Mudrick Co-Investment Opportunity III GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 250,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 250,000.00

11

Aggregate amount beneficially owned by each reporting person

250,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include 250,000 Ordinary Shares of the Issuer directly held by Mudrick Co-Investment Opportunity III, L.P. Row 13 is based on 126,602,621 Ordinary Shares outstanding after giving effect to the shares issued in the Capital Raise (as defined in Item 4 of this Amendment No. 6).

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A ordinary shares, par value $0.0001 per share
(b)	Name of Issuer: Vertical Aerospace Ltd.
(c)	Address of Issuer's Principal Executive Offices: Unit 1 Camwal Court, Chapel Street, Bristol, UNITED KINGDOM , BS2 0UW.
Item 1 Comment: This Amendment No. 6 ("Amendment No. 6") amends the statement on Schedule 13D (as amended from time to time, the "Schedule 13D") originally filed by the Reporting Persons October 23, 2024, and relates to the ordinary shares, par value $0.0001 per share ("Ordinary Shares"), of Vertical Aerospace Ltd. (the "Issuer" or the "Company"). Except as specifically provided herein, this Amendment No. 6 does not modify any of the information previously reported in the Schedule 13D. Unless otherwise indicated, each capitalized term used but not defined in this Amendment No. 6 shall have the meaning assigned to such term in the Schedule 13D.
Item 4.	Purpose of Transaction
	This Item 4 of the Schedule 13D is amended and supplemented as follows: As disclosed by the Issuer, on March 30, 2026, the Issuer announced the issuance of registered ordinary shares for an aggregate of $50 million, issued under the Issuer's "at the market" share issuance program pursuant to the open market sale agreement, dated September 5, 2025, as amended, between the Issuer and Jefferies LLC (the "Capital Raise"). As a result of the Capital Raise, the Reporting Persons' beneficial ownership decreased by more than 1% of the Issuer's outstanding equity securities. Additionally, on March 30, 2026, MCM agreed in principle, subject to further negotiation and the execution of definitive agreements, to: (i) amend the existing 10.00% / 12.00% Convertible Senior Secured Notes held by certain of the Reporting Persons to extend their maturity from December 2028 to December 2030; and (ii) provide a facility under which it would purchase up to $50 million of new additional convertible secured notes subject to certain conditions, issuable in tranches over 12 months, and on the same terms as the existing notes. The Reporting Persons previously acquired Issuer Securities for investment purposes. The Reporting Persons review their investment in the Issuer on a continuing basis and consider such other factors relevant to the Reporting Persons, which could include the price and availability of Issuer Securities, the Issuer's business and the Issuer's prospects, applicable legal restrictions, prevailing market conditions, other investment opportunities, tax considerations, liquidity requirements of such Reporting Person and/or other investment considerations. Without limiting the generality of the preceding sentence, each of the Reporting Persons (in each case, subject to any applicable restrictions under applicable law) may at any time or from time to time: (i) purchase, receive in a distribution or other transfer, or otherwise acquire Issuer Securities (including, but not limited to up to $50 million of new additional convertible secured notes as discussed above), in public or private transactions; (ii) convert or redeem all or a portion of the Convertible Senior Secured Notes for Ordinary Shares; (iii) exercise all or a portion of the Existing Warrants, Tranche A Warrants and/or Tranche B Warrants, in each case, for Ordinary Shares; (iv) sell, transfer, distribute or otherwise dispose of all or a portion of its Issuer Securities in public or private transactions, including in registered offerings, subject to any applicable lock-up or other agreement; (v) enter into derivatives or hedging transactions relating to Issuer Securities and/or (vi) enter into agreements with a broker intended to comply with the requirements of Rule 10b5-1(c)(1)(i) under the Act, on such terms and at such time as the Reporting Persons may deem advisable. Subject to the agreements described in the Schedule 13D, the Reporting Persons, at any time and from time to time, may review, reconsider and change their position and/or change their purpose and/or develop such plans, including with respect to influence on management or the Board regarding the business and affairs of the Issuer, including with respect to MCM's consent rights with respect to the Issuer's governance documents and the Board's composition as disclosed in Amendment No. 3, and engage with advisors, the Issuer or other persons regarding such matters.
Item 5.	Interest in Securities of the Issuer
(a)	This Item 5(a) of the Schedule 13D is amended and supplemented as follows: The responses set forth in rows 7 through 13 and the related "Comments for Type of Reporting Person" on the cover pages to this Amendment No. 6 are incorporated by reference into this Item 5. Such responses are provided as of March 30, 2026.
(b)	This Item 5(b) of the Schedule 13D is amended and supplemented as follows: The responses set forth in rows 7 through 13 and the related "Comments for Type of Reporting Person" on the cover pages to this Amendment No. 6 are incorporated by reference into this Item 5. Such responses are provided as of March 30, 2026. By virtue of the relationships described herein, the Reporting Persons may be deemed to constitute a "group" within the meaning of Rule 13d-5 under the Exchange Act. The filing of this Schedule 13D shall not be construed as an admission that the Reporting Persons beneficially own those securities held by another member of such group. In addition, each Reporting Person expressly disclaims beneficial ownership of any securities reported herein except to the extent such Reporting Person actually exercises voting or dispositive power with respect to such securities.
(c)	This Item 5(c) of the Schedule 13D is amended and supplemented as follows: Except as set forth herein, the Reporting Persons have not effected any transactions in securities of the Issuer during the past 60 days.
(d)	This Item 5(d) of the Schedule 13D is amended and supplemented as follows: Under certain circumstances, partners, members or shareholders of the Reporting Persons, as the case may be, could have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, securities owned by such Reporting Person.
(e)	N/A
Item 7.	Material to be Filed as Exhibits.
	Exhibit 18: Joint Filing Agreement, incorporated by reference to Exhibit 17 of Amendment No. 5 to this Schedule 13D filed with the SEC on April 1, 2026.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Mudrick Capital Management, L.P.

Signature:	By: Mudrick Capital Management, LLC its general partner, /s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick Capital Management, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Jason Mudrick

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick Distressed Opportunity Fund Global, L.P.

Signature:	By: Mudrick GP, LLC, /s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick GP, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick Distressed Opportunity Drawdown Fund II, L.P.

Signature:	By: Mudrick Distressed Opportunity Drawdown Fund II GP, LLC, its general partner, /s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick Distressed Opportunity Drawdown Fund II SC, L.P.

Signature:	By: Mudrick Distressed Opportunity Drawdown Fund II GP, LLC, its general partner, /s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick Distressed Opportunity Drawdown Fund II GP, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P.

Signature:	By: Mudrick Distressed Opportunity 2020 Dislocation Fund GP, LLC, its general partner, /s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick Distressed Opportunity 2020 Dislocation Fund GP, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick Distressed Opportunity SIF Master Fund, L.P.

Signature:	By: Mudrick Distressed Opportunity SIF Master Fund LLC, its general partner, /s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick Distressed Opportunity SIF GP, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick Stressed Credit Master Fund, L.P.

Signature:	By: Mudrick Stressed Credit Fund GP, LLC, its general partner, /s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick Stressed Credit Fund GP, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick Opportunity Co-Investment Fund, L.P.

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick Opportunity Co-Investment Fund GP, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick Distressed Opportunity Drawdown Fund III, L.P.

Signature:	By: Mudrick Distressed Opportunity Drawdown Fund III GP, LLC, its general partner, /s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick Distressed Opportunity Drawdown Fund III GP, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick Co-Investment Opportunity III, L.P.

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

Mudrick Co-Investment Opportunity III GP, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	04/01/2026

FAQ

How much of Vertical Aerospace (EVTL) do Mudrick entities currently beneficially own?

Mudrick Capital Management and affiliated funds beneficially own 101,021,846 Vertical Aerospace ordinary shares and related instruments, representing 58.4% of the outstanding class as of March 30, 2026. This includes common shares, Convertible Senior Secured Notes and various warrants aggregated across multiple Mudrick-managed vehicles.

What recent capital raise did Vertical Aerospace (EVTL) complete according to this filing?

Vertical Aerospace announced the issuance of registered ordinary shares for an aggregate of $50 million on March 30, 2026. The shares were issued under its at-the-market share issuance program pursuant to an open market sale agreement with Jefferies LLC, providing additional equity capital to the company.

How did Vertical Aerospace’s $50 million equity raise affect Mudrick’s ownership stake?

The $50 million at-the-market equity issuance reduced the Mudrick group’s beneficial ownership in Vertical Aerospace by more than 1% of the company’s outstanding equity securities. Despite this dilution, Mudrick and its affiliated funds still report beneficial ownership of 58.4% of the class following the transaction.

What changes were agreed in principle for Vertical Aerospace’s Convertible Senior Secured Notes?

Mudrick Capital Management agreed in principle to amend existing 10.00% / 12.00% Convertible Senior Secured Notes to extend their maturity from December 2028 to December 2030. This extension remains subject to further negotiation and execution of definitive documentation between the parties involved.

What new debt financing facility did Mudrick propose for Vertical Aerospace (EVTL)?

Mudrick Capital Management agreed in principle to provide a facility to purchase up to $50 million of new additional convertible secured notes. These notes would be issuable in tranches over 12 months on the same terms as the existing notes, subject to specified conditions and definitive agreements.

Did Mudrick report any recent trading activity in Vertical Aerospace securities?

The reporting persons state they have not effected any transactions in Vertical Aerospace securities during the 60 days prior to the filing date, other than the changes described. Their reported ownership reflects positions as of March 30, 2026, including shares, convertible notes and warrants across managed funds.