UK-based Vertical Aerospace Ltd.’s ordinary shares have begun trading today under the ticker EVTL on the New York Stock Exchange.
According to a company statement:
“Proceeds raised plus the issuance of convertible senior secured notes equals approximately USD300 million, in excess of the circa USD250 million projected spend through to certification and scale production. Public shareholders join PIPE investors American Airlines, Avolon, Honeywell, Microsoft’s M12, Kouros, Rolls-Royce, 40North and Rocket. Vertical recently premiered the full-scale version of its VX4 electric aircraft.”
The company says it believes it has the largest conditional pre-order book in the eVTOL industry, of up to 1,350 aircraft worth USD5.4 billion from American Airlines, Avolon, Virgin Atlantic, Bristow, Marubeni and Iberojet, and through Avolon’s placements, airlines JAL and Gol.
“Vertical expects to reach full certification through what is believed to be the highest global certification, the European Union Aviation Safety Authority (EASA) by 2024 and commercial operability by the mid-2020s.”
Stephen Fitzpatrick, CEO, and Founder of Vertical said: “This listing is a landmark moment for Vertical Aerospace. We have global leaders in aviation as partners and a world-class team that can make zero emissions flight a reality for millions of people around the world. It is fantastic to reach this milestone and I am so proud of what the team has achieved.”
Vertical recently announced an additional USD205 million in funding led by Mudrick Capital, alongside new strategic agreements with Heathrow Airport and Ferrovial.
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