Vertical Aerospace (Vertical) (NYSE: EVTL) ("Vertical” or the
“Company”), a global aerospace and technology company that is
pioneering electric aviation, today announces the closing of its
previously announced underwritten public offering (the “Offering”)
for total gross proceeds of $90 million, before deducting
underwriting discounts and commissions and other offering
expenses.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20250124312019/en/
Vertical's VX4 prototype during recent
piloted test flights in the UK. (Photo: Business Wire)
The amount raised was increased from an initial launch target of
$75 million, reflecting strong investor demand.
The $90 million raise includes over $60 million from new
investors, as well as $25 million from Mudrick Capital, following
the signing of the investment agreement on December 20, 2024 (the
“Investment Agreement”). The Investment Agreement, aimed at
strengthening Vertical’s balance sheet and accelerating the
Company’s Flightpath 2030 strategy, also included the conversion of
$130 million of debt into equity.
In the Offering, Vertical sold 15 million units at $6.00 per
unit. Each unit comprises one ordinary share and one-half of one
Tranche A warrant and one-half of one Tranche B warrant. The
exercise of the warrants would generate additional proceeds of
approximately $101 million.
Vertical intends to use the proceeds from this Offering to fund
its research and development expenses as Vertical continues to
develop the VX4 and its expenditures in the expansion of its
testing and certification capacities, as well as for general
working capital and other general corporate purposes.
Specifically, the Company expects the funds will be used to
progress Vertical’s operational targets for 2025 and enable an
acceleration of spending in the second half of the year compared to
prior plans. This approach supports Vertical’s delivery of its
Flightpath 2030 plan, including its target to achieve certification
in 2028.
Vertical’s 2025 operational targets include things such as:
- Fly full-scale piloted wingborne and transition.
- Build and fly its third full-scale VX4 prototype.
- Fly full-scale piloted flights demonstrating real-world use
cases.
- Earn additional DOA privileges including Flight Conditions
privilege granted by the CAA.
- Initiate certification aircraft production with long-range
parts purchasing.
- Strengthen its operating model and shift its approach to focus
on execution.
Today’s funding follows significant flight test progress in
January 2025, with Vertical becoming only the second company in the
world to achieve piloted thrustborne flight manoeuvres with a
full-scale vectored thrust eVTOL aircraft. The company also
recently announced that aviation industry veteran, Dómhnal
Slattery, has been appointed Chairman.
Stuart Simpson, CEO of Vertical, said:
"I couldn’t be more thrilled with how we’ve started the year.
This funding, which exceeds our initial launch target, represents a
major milestone for our business as we advance our Flightpath 2030
strategy, building on significant operational momentum. While the
real work lies ahead, I’ve never been so confident that we have the
team, technology, and vision to drive our mission to pioneer
electric aviation.”
Dómhnal Slattery, Vertical Chairman, said:
“Strong investor demand and the success of this upsized public
offering are indicators of investors’ confidence in Vertical’s
vision and our ability to lead the eVTOL sector by the end of the
decade. Securing access to capital is critical to our success, and
I want to extend my gratitude to Jason Mudrick for his pivotal
initial investment, which set the stage for this funding round and
inspired others to join us on this transformative journey.”
William Blair acted as lead bookrunner and Canaccord Genuity
acted as joint bookrunner for the Offering.
The Offering was made pursuant to a shelf registration statement
on Form F-3 (File No. 333- 275430) previously filed with the
Securities and Exchange Commission (the “SEC”) on November 9, 2023
and declared effective by the SEC on November 16, 2023. The final
prospectus supplement relating to the Offering has been filed with
the SEC and is available on the SEC’s website located at
www.sec.gov, copies of which can be obtained from: William Blair
& Company, L.L.C., Attention: Prospectus Department, 150 North
Riverside Plaza, Chicago, IL 60606, by telephone at (800) 621-0687,
or by email at prospectus@williamblair.com; or Canaccord Genuity
LLC, Attention: Syndication Department, One Post Office Square,
Suite 3000, Boston, MA 02109, by telephone at (800) 225-6104, or by
email at prospectus@cgf.com.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy, nor will there be any sale of
these shares of common stock in any state or other jurisdiction in
which such offer, solicitation, or sale would be unlawful before
registration or qualification under the securities laws of any such
state or jurisdiction.
Notes to Editors
- Total number of ordinary shares outstanding following the
closing of this offer is: 84,552,721 (excluding ordinary shares
held in treasury).
- Cash and cash equivalents as of 31 December 2024: £22.5 million
($28 million, calculated based on the GBP/USD exchange rate of £1
to $1.2528 as of 31 December 2024.).
- Gross proceeds of raise $90 million, net proceeds $84.0
million.
- Vertical Aerospace currently plans to release its FY 2024
results on 11 March 2025.
This information regarding our cash position as of December 31,
2024 is preliminary and subject to adjustment, and has been
prepared by, and is the responsibility of, our management.
About Vertical Aerospace
Vertical Aerospace is a global aerospace and technology company
pioneering electric aviation. Vertical is creating a safer, cleaner
and quieter way to travel. Vertical’s VX4 is a piloted, four
passenger, Electric Vertical Take-Off and Landing (eVTOL) aircraft,
with zero operating emissions.
Vertical combines partnering with leading aerospace companies,
including GKN, Honeywell and Leonardo, with developing its own
proprietary battery and propeller technology to develop the world’s
most advanced and safest eVTOL.
Vertical has c.1,500 pre-orders of the VX4, with customers
across four continents, including American Airlines, Japan
Airlines, GOL and Bristow. Certain customer obligations are
expected to be fulfilled via third-party agreements.
Headquartered in Bristol, the epicentre of the UK’s aerospace
industry, Vertical’s experienced leadership team comes from top
tier automotive and aerospace companies such as Rolls-Royce,
Airbus, GM and Leonardo. Together they have previously certified
and supported over 30 different civil and military aircraft and
propulsion systems.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995 that relate to our current expectations and views of future
events. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements as
contained in Section 27A of the Securities Act of 1933, as amended
(the “Securities Act”) and Section 21E of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). Any express or
implied statements contained in this press release that are not
statements of historical fact may be deemed to be forward-looking
statements, including, without limitation, statements regarding the
use of proceeds from the Offering, the potential exercise of the
warrants issued in the Offering and the proceeds issued from such
potential exercise, our future results of operations and financial
position, our plans for capital expenditures, the design and
manufacture of the VX4, our business strategy and plans and
objectives of management for future operations, including the
building and testing of our prototype aircrafts on timelines
projected, certification and the commercialization of the VX4 and
our ability to achieve regulatory certification of our aircraft
product on any particular timeline or at all, expectations
surrounding pre-orders and commitments, the features and
capabilities of the VX4, the transition towards a net-zero
emissions economy, as well as statements that include the words
“expect,” “intend,” “plan,” “believe,” “project,” “forecast,”
“estimate,” “may,” “should,” “anticipate,” “will,” “aim,”
“potential,” “continue,” “are likely to” and similar statements of
a future or forward-looking nature. Forward-looking statements are
neither promises nor guarantees, but involve known and unknown
risks and uncertainties that could cause actual results to differ
materially from those projected, including, without limitation: our
limited operating history without manufactured non-prototype
aircraft or completed eVTOL aircraft customer order; our history of
losses and the expectation to incur significant expenses and
continuing losses for the foreseeable future; the market for eVTOL
aircraft being in a relatively early stage; our potential inability
to produce, certify or launch aircraft in the volumes or timelines
projected; the potential inability to obtain the necessary
certifications for production and operation within any projected
timeline, or at all; any accidents or incidents involving eVTOL
aircraft could harm our business; our dependence on partners and
suppliers for the components in our aircraft and for operational
needs; the potential that certain strategic partnerships may not
materialize into long-term partnership arrangements; all of the
pre-orders received are conditional and may be terminated at any
time and any pre-delivery payments may be fully refundable upon
certain specified dates; the inability for our aircraft to perform
at the level we expect and may have potential defects; any
potential failure to effectively manage our growth; our inability
to recruit and retain senior management and other highly skilled
personnel, our ability to raise additional funds when we need or
want them, or at all, to fund our operations; our limited cash and
cash equivalents and recurring losses from our operations raise
significant doubt (or raise substantial doubt as contemplated by
PCAOB standards) regarding our ability to continue as a going
concern; the fact that we have previously identified material
weaknesses in our internal controls over financial reporting which
if we fail to properly remediate, could adversely affect our
results of operations, investor confidence in us and the market
price of our ordinary shares; the fact that as a foreign private
issuer, we follow certain home country corporate governance rules,
are not subject to U.S. proxy rules and are subject to Exchange Act
reporting obligations that, to some extent, are more lenient and
less frequent than those of a U.S. domestic public company; and the
other important factors discussed under the caption “Risk Factors”
in our Annual Report on Form 20-F filed with the SEC on March 14,
2024, as such factors may be updated from time to time in our other
filings with the SEC. Any forward-looking statements contained in
this press release speak only as of the date hereof and accordingly
undue reliance should not be placed on such statements. We disclaim
any obligation or undertaking to update or revise any
forward-looking statements contained in this press release, whether
as a result of new information, future events or otherwise, other
than to the extent required by applicable law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250124312019/en/
Enquiries please contact:
Vertical Aerospace Media Justin Bates, Head of
Communications justin.bates@vertical-aerospace.com +44 7878 357
463
Investor Relations Samuel Emden, Head of Investor Affairs
samuel.emden@vertical-aerospace.com +44 7816 459 904
Grafico Azioni Vertical Aerospace (NYSE:EVTL)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Vertical Aerospace (NYSE:EVTL)
Storico
Da Feb 2024 a Feb 2025
