Vertical Aerospace Group has successfully closed its merger with Broadstone Acquisition Corp., resulting in a public listing on the NYSE under the ticker EVTL. This significant milestone is expected to propel the company in the zero-emissions aviation sector. The merger comes with an additional funding injection of $205 million, backed by partnerships with major players like American Airlines and Rolls-Royce. Vertical plans to launch its VX4 eVTOL aircraft, projected to reach 200 mph while offering zero operating emissions, aiming for commercial flights in the mid-2020s.
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Broadstone Acquisition Corp. (NYSE: BSN, BSN-UN, BSN-WT) is set to finalize its business combination with Vertical Aerospace Ltd. on December 16, 2021, pending shareholder approval. The deal aims to raise a minimum of $300 million in gross proceeds, supported by key investors like American Airlines and Rolls-Royce. Vertical's VA-X4, an electric vertical take-off and landing aircraft, targets certification equivalent to passenger jets by 2024. Shareholders are encouraged to vote before the extraordinary meeting scheduled on December 14, 2021.
Broadstone Acquisition Corp. (NYSE: BSN) has filed its definitive proxy statement regarding a business combination with Vertical Aerospace Group Ltd. Shareholders will vote on December 14, 2021, with the closing of the transaction expected around December 16, 2021. If approved, Pubco's shares will trade under the symbols 'EVTL' and 'EVTLW' on the NYSE. The proxy materials contain crucial information about the merger, and Broadstone's Board recommends shareholders vote 'FOR' all proposals. Vertical Aerospace is notable for its advancements in electric vertical take-off and landing aviation.
Vertical Aerospace announces the appointment of two Independent Non-Executive Directors, Kathy Cassidy and Gur Kimchi, ahead of its merger with Broadstone Acquisition Corp (NYSE: BSN). Cassidy, with 20 years of capital markets experience, will chair the Audit Committee, while Kimchi, a veteran in aviation, will chair the Certification Committee. Dómhnal Slattery, CEO of Avolon, will serve as an advisor. The appointments aim to strengthen Vertical's leadership team and support its zero-emissions aviation strategy.
Vertical Aerospace announced a strategic partnership with Ferrovial to develop a network of 25 vertiports throughout the UK, aiming to enhance zero-emissions aviation. This initiative will support the operations of Vertical's VA-X4 eVTOL aircraft, designed for efficient, eco-friendly travel. The collaboration is projected to cut travel time significantly, with examples like a journey from Heathrow to Cambridge taking just 28 minutes. Ferrovial's expertise in infrastructure and investment will bolster this venture, which includes a conditional order of up to 1,350 VA-X4 units valued at approximately $5.4 billion.
Vertical Aerospace has secured over $200 million in additional financing to accelerate production and certification of its VA-X4 electric vertical take-off and landing (eVTOL) aircraft. The investment, led by Mudrick Capital through convertible senior secured notes, supports Vertical's goal to achieve the highest global certification standards by 2024. The company has a robust conditional pre-order book of up to 1,350 aircraft worth $5.4 billion from major clients. After a merger with Broadstone Acquisition Corp (NYSE: BSN), Vertical anticipates having sufficient liquidity to meet its $250 million certification cost.
Vertical Aerospace has announced a partnership with Heathrow Airport to explore the operation of its VA-X4 electric vertical take-off and landing (eVTOL) vehicle by the mid-2020s. This collaboration aims to integrate zero-emissions aviation into Heathrow's operations, aligning with the UK's goal to achieve net-zero emissions by 2050. The VA-X4 can transport four passengers at speeds up to 200 mph, significantly reducing travel time to the City of London. Vertical Aerospace has secured conditional pre-orders for up to 1,350 aircraft, valued at $5.4 billion, from various major airlines, showcasing strong industry interest.
Vertical Aerospace has appointed Harry Holt as Chief Operating Officer, enhancing its leadership team ahead of the VA-X4 eVTOL aircraft production. The company has secured conditional pre-orders for up to 1,350 aircraft from major clients like American Airlines and Bristow. Harry Holt, formerly of Rolls-Royce, will implement operational strategies and oversee government relations. This appointment solidifies Vertical's partnership with Rolls-Royce, which provides the electrical technology for the VA-X4, aiming for a sustainable future in aviation.
Vertical Aerospace has appointed Justin 'Jif' Paines as Chief Test Pilot to spearhead the development of its VA-X4 eVTOL aircraft. Paines, formerly Chief Test Pilot at Joby Aviation, brings over 30 years of experience, including significant roles in the Royal Air Force. His expertise in V/STOL technology is expected to enhance Vertical's leadership in electric aviation, supported by its strong partnerships with companies like American Airlines and Virgin Atlantic. The company now has 1,350 conditional pre-orders valued at $5.4 billion, positioning it as a leader in the eVTOL sector.