Vertical Aerospace announces approximately $100m in financing commitments
The package combines convertible debt, an equity offering and preferred equity as the aircraft developer advances towards certification.
Three financing components
Mudrick Capital’s $40 million component combines a recently completed $5 million draw with a planned $35 million draw under an existing convertible-note facility. The accelerated financing remained subject to definitive agreements when announced.
A separate $35 million share-and-warrant offering was priced at $1.05 per unit, with closing expected around 11 August. A $25 million issuance through Yorkville’s preferred-equity facility was scheduled to settle on the announcement date.
The commitments followed Vertical’s piloted transition-flight demonstrations at Farnborough. They support the next stage of an aircraft programme still moving through certification and preparations for commercial service.
Use of funds
Advance Critical Design Review and certification-conforming aircraft
Expand battery production capacity and future UK production facilities
Prepare the third prototype for hybrid-electric flight testing