Vertical Aerospace Ltd Stock Price, News & Analysis

Vertical Aerospace (NYSE: EVTL) has announced an extraordinary general meeting (EGM) scheduled for December 23, 2024, at 10:30 a.m. GMT in London. The meeting follows a term sheet agreement signed on November 24, 2024, between the company, majority shareholder Stephen Fitzpatrick, and primary creditor Mudrick Capital Management. This agreement aims to address immediate cash requirements and facilitate longer-term fund raising. Shareholders will consider amendments to the company's third amended and restated memorandum and articles of association. A circular with meeting details and proxy information has been filed with the SEC on December 13, 2024.

Vertical Aerospace [NYSE: EVTL] has secured a significant financial agreement that includes a $50 million funding commitment from Mudrick Capital, with $25 million in upfront funding and a $25 million backstop. The transaction will add approximately $180 million to Vertical's balance sheet, including the conversion of about $130 million of debt into equity at $2.75 per share. The remaining convertible notes will have a fixed conversion price of $3.50 per share, and the loan repayment date has been extended to December 2028. Founder Stephen Fitzpatrick will remain on the board to guide the company's Flightpath 2030 Strategy, which aims to establish Vertical as a global leader in the eVTOL market.

Vertical Aerospace [NYSE: EVTL] has achieved a significant milestone as its VX4 prototype begins Phase 2 of piloted flight testing, successfully completing untethered vertical take-off and landing. The prototype, powered by battery packs delivering up to 1.4 MW of peak power, has completed nearly 90 test points and measured 35,000 flight parameters.

Following the UK Civil Aviation Authority's expansion of Vertical's Permit to Fly, testing will progress to low-speed manoeuvres at the Cotswolds Airport Flight Test Centre. The company is developing an identical prototype to accelerate the testing program, which consists of four phases: tethered hover (completed), thrustborne flight (current), wingborne flight, and transition between flight modes.

Vertical Aerospace (NYSE: EVTL) announces 'Flightpath 2030', its strategic plan for market leadership in electric aviation. The company aims to deliver at least 150 aircraft by 2030, targeting a production rate exceeding 200 VX4 units in Q4 2030, scaling to over 700 units annually. The strategy includes certifying the VX4 in 2028 and its first major upgrade in 2030, with expected gross profit margins exceeding 40%. Currently in Phase 2 of piloted flight testing, Vertical has £42.8 million in cash and expects £78.4 million in operational spending over the next 12 months. The company is in discussions for additional funding to extend into 2025.

Vertical Aerospace (NYSE: EVTL), a zero-emission aviation pioneer, has announced it will provide a business update before market opening on Tuesday, November 12. The company will host a webcast at 8:30 AM ET (13:30 GMT), led by CEO Stuart Simpson and other leadership team members. Investors can access the webcast through Vertical's Investor Relations website or join via phone using the provided dial-in numbers. A replay will be available on the company website after the event.

Vertical Aerospace (NYSE: EVTL) has released its financial results for the first half of 2024 and issued a shareholder letter. Key highlights include:

1. Completion of Phase 1 piloted flight tests for the new VX4 prototype

2. Expanded Design Organisation Approval from the UK Civil Aviation Authority

3. Acceptance into the UK Ministry of Defence's Uncrewed Air Systems Heavy Lift Challenge framework

4. H1 2024 operating loss of £20 million ($25 million)

5. Cash and cash equivalents of £67m / $84m as of June 30, 2024

6. Anticipated net cash outflows of £40m to £45m in H2 2024

7. Plans for a 1-for-10 reverse share split effective September 20, 2024

The company is in discussions for potential third-party investment to extend its cash runway.

Vertical Aerospace (NYSE: EVTL) has announced an Extraordinary General Meeting (EGM) to be held on September 30th, 2024, at 10:00 a.m. (GMT) in London. The EGM was requisitioned by Stephen Fitzpatrick, a major shareholder, to propose amendments to the company's Articles of Association. Key proposed changes include:

1. Removing the requirement for directors appointed by Fitzpatrick to be independent (subject to NYSE requirements)
2. Allowing shareholders with a majority stake to remove any director by written instruction

The company has provided shareholders with a circular detailing the EGM notice and proxy card, which has been filed with the SEC on September 17, 2024.

Vertical Aerospace (NYSE: EVTL) has announced a one-for-ten (1:10) reverse share split of its ordinary and preferred shares, effective September 20, 2024. Trading on a split-adjusted basis will begin on September 23, 2024, under the existing symbol 'EVTL' but with a new CUSIP number. This move aims to increase the per share trading price and regain compliance with NYSE's minimum share price criteria.

Key points:

• Every ten shares will be converted into one share
• Authorized shares will decrease proportionally
• No fractional shares will be issued; cash will be provided instead
• The split affects shares under the 2021 Incentive Award Plan, warrants, convertible notes, and options
• Public warrants will be adjusted: 10 warrants needed to receive 1 ordinary share
• Warrant exercise price adjusted to $115.00 per share

Vertical Aerospace [NYSE: EVTL] has completed Phase 1 of piloted testing for its new VX4 prototype at the Vertical Flight Test Centre. The phase included 20 piloted test sorties with 70 individual test points, covering tethered flights, ground taxi testing, and high-powered ground runs. Key achievements include:

- Simulating Electric Propulsion Unit (EPU) failure during flight
- Collecting 35,000 flight and system parameters
- Completing the phase in just one week – 3 times faster than the previous prototype

Vertical is now preparing for Phase 2, which will involve piloted untethered thrustborne testing, pending UK Civil Aviation Authority approval. The new VX4 prototype boasts a 20% increase in power-to-weight ratio, enabling speeds up to 150mph.