[SCHEDULE 13D/A] Vertical Aerospace Ltd. SEC Filing

Rhea-AI Filing Summary

Key take-away: Amendment No. 5 to the Schedule 13D shows that the Mudrick Capital complex (multiple affiliated funds plus Jason Mudrick) now beneficially owns 98,006,021 Class A ordinary shares of Vertical Aerospace Ltd. (EVTL), representing 69.7 % of the outstanding class. The position consists of 54.0 M already-issued shares plus the right to acquire a further 44.0 M shares through the conversion of $ Convertible Senior Secured Notes and the exercise of existing and new warrants (Tranche A & B).

On 10 July 2025 the issuer completed a $60 million follow-on equity offering at $5.00 per share. Mudrick-managed vehicles bought 2.5 million shares (~$12.5 million) in that round, increasing both their absolute holding and their percentage ownership. Mudrick entities indicate the purchase was for investment purposes but state they may buy, sell, convert, exercise or hedge their EVTL securities at any time and may influence board composition pursuant to existing consent rights.

Implications for investors:

• Control – With nearly 70 % of the vote, Mudrick Capital effectively controls EVTL’s strategic direction, governance and future capital decisions.
• Dilution overhang – 39.4 M convertible-note shares and 4.6 M warrant shares could materially dilute minority holders when exercised or converted.
• Capital support – Mudrick’s willingness to inject new equity in the July 2025 raise provides a positive signal on funding availability as EVTL progresses aircraft certification and production plans.
• Liquidity/float – High insider concentration limits free float, potentially increasing share-price volatility and reducing index eligibility.

The filing contains no operating or earnings data; its importance lies in ownership structure, potential dilution mechanics and future control dynamics.

Positive

• Mudrick injected $12.5 million in the July 2025 $60 m equity raise, strengthening EVTL’s cash position.
• Sponsor now holds 69.7 % beneficial ownership, signalling strong alignment and capacity to fund future needs.

Negative

• Convertible notes and warrants represent ~44 million additional shares, posing significant dilution risk for minorities.
• Free-float declines as insider stake rises, potentially reducing liquidity and index eligibility.

Insights

Corporate Governance Expert

TL;DR: Mudrick now controls ~70 % of EVTL; expect strong sponsor influence but watch sizable convertible and warrant dilution.

The filing confirms effective control of Vertical Aerospace by the Mudrick group. Such concentration streamlines decision-making but raises minority-rights and related-party-transaction risks. Mudrick’s purchase in the $60 m follow-on suggests continued financial backing, lowering near-term funding risk. However, the 39.4 M convertible-note shares plus 4.6 M warrant shares imply potential dilution >40 % of current outstanding stock when exercised. Investors should model both ownership changes and free-float reductions when valuing corporate-governance discounts.

Securities Analyst

TL;DR: Neutral credit-equity impact: new cash in, sponsor support, but dilution and low float offset positives.

Mudrick’s $12.5 m incremental equity shows sponsor commitment after prior debt financing. Control position can ease future capital raises, an advantage for a pre-revenue aerospace manufacturer. Yet, the overhang from convertibles (strike tied to prior financing terms) and multiple warrant series could cap upside until visibility on conversion/exercise timing improves. From a market-trading view, the free-float shrinks further, potentially heightening volatility and limiting institutional participation. Overall market impact is balanced—supportive cash vs. shareholder dilution.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

Vertical Aerospace Ltd.

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G9471C107

(CUSIP Number)

Jason Mudrick
Mudrick Capital Management, L.P., 527 Madison Avenue, 6th Floor
New York, NY, 10022
646-747-9500

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/10/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 98,006,021.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 98,006,021.00

11

Aggregate amount beneficially owned by each reporting person

98,006,021.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

69.7 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 54,009,585 ordinary shares, par value $0.0001 per share ("Ordinary Shares"), of Vertical Aerospace Ltd. (the "Issuer"), (ii) 39,430,436 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 400,000 Ordinary Shares issuable upon the exercise of Existing Warrants, 2,083,000 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 2,083,000 Ordinary Shares issuable upon the exercise of Tranche B Warrants (as each is defined in this Schedule 13D), in each case, directly held by Mudrick Distressed Opportunity Fund Global, L.P., Mudrick Distressed Opportunity Drawdown Fund II, L.P., Mudrick Distressed Opportunity Drawdown Fund II SC, L.P., Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P., Mudrick Distressed Opportunity SIF Master Fund, L.P., Mudrick Stressed Credit Master Fund, L.P., Mudrick Opportunity Co-Investment Fund, LP, Mudrick Distressed Opportunity Drawdown Fund III, L.P., Mudrick Co-Investment Opportunity III, L.P. and certain accounts managed by Mudrick Capital Management, L.P. (collectively, the "Mudrick Funds"), in the aggregate. Row 13 is based on 140,674,157 Ordinary Shares outstanding, which includes (i) 96,677,721 Ordinary Shares outstanding after giving effect to the shares issued in the Issuer's public offering as described in the Issuer's Prospectus Supplement to the Prospectus dated May 28, 2025, which was filed with the SEC on July 10, 2025 (the "Outstanding Ordinary Shares"), (ii) 39,430,436 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes, (iii) 400,000 Ordinary Shares issuable upon exercise of Existing Warrants, (iv) 2,083,000 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 2,083,000 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Capital Management, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 98,006,021.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 98,006,021.00

11

Aggregate amount beneficially owned by each reporting person

98,006,021.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

69.7 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 54,009,585 Ordinary Shares of the Issuer, (ii) 39,430,436 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 400,000 Ordinary Shares issuable upon the exercise of Warrants, 2,083,000 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 2,083,000 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by the Mudrick Funds, in the aggregate. Row 13 is based on 140,674,157 Ordinary Shares outstanding, which includes (i) the Outstanding Ordinary Shares, (ii) 39,430,436 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes, (iii) 400,000 Ordinary Shares issuable upon exercise of Existing Warrants, (iv) 2,083,000 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 2,083,000 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Jason Mudrick

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 98,006,021.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 98,006,021.00

11

Aggregate amount beneficially owned by each reporting person

98,006,021.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

69.7 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 54,009,585 Ordinary Shares of the Issuer, (ii) 39,430,436 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 400,000 Ordinary Shares issuable upon the exercise of Warrants, 2,083,000 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 2,083,000 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by the Mudrick Funds in the aggregate. Row 13 is based on 140,674,157 Ordinary Shares outstanding, which includes (i) the Outstanding Ordinary Shares, (ii) 39,430,436 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes, (iii) 400,000 Ordinary Shares issuable upon exercise of Existing Warrants, (iv) 2,083,000 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 2,083,000 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity Fund Global, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 22,799,245.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,799,245.00

11

Aggregate amount beneficially owned by each reporting person

22,799,245.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

21.3 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 12,613,206 Ordinary Shares of the Issuer, (ii) 9,279,757 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 94,138 Ordinary Shares issuable upon the exercise of Existing Warrants, 406,072 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 406,072 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity Fund Global, L.P. Row 13 is based on 106,863,760 Ordinary Shares outstanding, which includes (i) the Outstanding Ordinary Shares, (ii) 9,279,757 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity Fund Global, L.P., (iii) 94,138 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Distressed Opportunity Fund Global, L.P., (iv) 406,072 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 406,072 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 22,799,245.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 22,799,245.00

11

Aggregate amount beneficially owned by each reporting person

22,799,245.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

21.3 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 12,613,206 Ordinary Shares of the Issuer, (ii) 9,279,757 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 94,138 Ordinary Shares issuable upon the exercise of Existing Warrants, 406,072 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 406,072 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity Fund Global, L.P. Row 13 is based on 106,863,760 Ordinary Shares outstanding, which includes (i) the Outstanding Ordinary Shares, (ii) 9,279,757 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity Fund Global, L.P., (iii) 94,138 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Distressed Opportunity Fund Global, L.P., (iv) 406,072 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 406,072 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity Drawdown Fund II, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 13,137,819.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 13,137,819.00

11

Aggregate amount beneficially owned by each reporting person

13,137,819.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

12.8 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 7,268,224 Ordinary Shares of the Issuer, (ii) 5,347,359 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 54,246 Ordinary Shares issuable upon the exercise of Existing Warrants, 233,995 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 233,995 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity Drawdown Fund II, L.P. Row 13 is based on 102,547,316 Ordinary Shares outstanding, which includes (i) the Outstanding Ordinary Shares, (ii) 5,347,359 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity Drawdown Fund II, L.P., (iii) 54,246 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Distressed Opportunity Drawdown Fund II, L.P, (iv) 233,995 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 233,995 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity Drawdown Fund II SC, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,371,278.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,371,278.00

11

Aggregate amount beneficially owned by each reporting person

1,371,278.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.4 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 758,631 Ordinary Shares of the Issuer, (ii) 558,137 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 5,662 Ordinary Shares issuable upon the exercise of Existing Warrants, 24,424 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 24,424 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity Drawdown Fund II SC, L.P. Row 13 is based on 97,290,368 Ordinary Shares outstanding, which includes (i) the Outstanding Ordinary Shares, (ii) 558,137 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity Drawdown Fund II SC, L.P., (iii) 5,662 Ordinary Shares issuable upon exercise of Existing Warrants held Mudrick Distressed Opportunity Drawdown Fund II SC, L.P., (iv) 24,424 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 24,424 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity Drawdown Fund II GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 14,509,097.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 14,509,097.00

11

Aggregate amount beneficially owned by each reporting person

14,509,097.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

14.1 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 8,026,855 Ordinary Shares of the Issuer, (ii) 5,905,496 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 59,908 Ordinary Shares issuable upon the exercise of Existing Warrants, 258,419 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 258,419 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity Drawdown Fund II, L.P. and Mudrick Distressed Opportunity Drawdown Fund II SC, L.P. Row 13 is based on 103,159,963 Ordinary Shares outstanding, which includes (i) the Outstanding Ordinary Shares, (ii) 5,905,496 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity Drawdown Fund II, L.P. and Mudrick Distressed Opportunity Drawdown Fund II SC, L.P., (iii) 59,908 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Distressed Opportunity Drawdown Fund II, L.P. and Mudrick Distressed Opportunity Drawdown Fund II SC, L.P., (iv) 258,419 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 258,419 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,436,672.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,436,672.00

11

Aggregate amount beneficially owned by each reporting person

3,436,672.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.5 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 1,901,267 Ordinary Shares of the Issuer, (ii) 1,398,795 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 14,190 Ordinary Shares issuable upon the exercise of Existing Warrants, 61,210 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 61,210 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P. Row 13 is based on 98,213,126 Ordinary Shares outstanding, which includes (i) the Outstanding Ordinary Shares, (ii) 1,398,795 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P., (iii) 14,190 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P., (iv) 61,210 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 61,210 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity 2020 Dislocation Fund GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,436,672.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,436,672.00

11

Aggregate amount beneficially owned by each reporting person

3,436,672.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.5 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 1,901,267 Ordinary Shares of the Issuer, (ii) 1,398,795 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 14,190 Ordinary Shares issuable upon the exercise of Existing Warrants, 61,210 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 61,210 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P. Row 13 is based on 98,213,126 Ordinary Shares outstanding, which includes (i) the Outstanding Ordinary Shares, (ii) 1,398,795 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P., (iii) 14,190 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P., (iv) 61,210 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 61,210 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity SIF Master Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,611,287.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,611,287.00

11

Aggregate amount beneficially owned by each reporting person

2,611,287.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.7 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 1,444,640 Ordinary Shares of the Issuer, (ii) 1,062,847 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 10,782 Ordinary Shares issuable upon the exercise of Existing Warrants, 46,509 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 46,509 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity SIF Master Fund, L.P. Row 13 is based on 97,844,368 Ordinary Shares outstanding, which includes (i) the Outstanding Ordinary Shares, (ii) 1,062,847 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity SIF Master Fund, L.P., (iii) 10,782 Ordinary Shares issuable upon exercising of Existing Warrants held by Mudrick Distressed Opportunity SIF Master Fund, L.P., (iv) 46,509 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 46,509 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity SIF GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,611,287.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,611,287.00

11

Aggregate amount beneficially owned by each reporting person

2,611,287.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.7 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 1,444,640 Ordinary Shares of the Issuer, (ii) 1,062,847 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 10,782 Ordinary Shares issuable upon the exercise of Existing Warrants, 46,509 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 46,509 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity SIF Master Fund, L.P. Row 13 is based on 97,844,368 Ordinary Shares outstanding, which includes (i) the Outstanding Ordinary Shares, (ii) 1,062,847 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Distressed Opportunity SIF Master Fund, L.P., (iii) 10,782 Ordinary Shares issuable upon exercising of Existing Warrants held by Mudrick Distressed Opportunity SIF Master Fund, L.P., (iv) 46,509 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 46,509 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Stressed Credit Master Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,592,513.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,592,513.00

11

Aggregate amount beneficially owned by each reporting person

2,592,513.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.6 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 1,421,568 Ordinary Shares of the Issuer, (ii) 1,045,871 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 33,540 Ordinary Shares issuable upon the exercise of Existing Warrants, 45,767 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 45,767 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Stressed Credit Master Fund, L.P. Row 13 is based on 97,848,666 Ordinary Shares outstanding, which includes (i) the Outstanding Ordinary Shares, (ii) 1,045,871 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Stressed Credit Master Fund, L.P. or on behalf of MSC Fund A, (iii) 33,540 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Stressed Credit Master Fund, L.P., (iv) 45,767 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 45,767 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Stressed Credit Fund GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,592,513.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,592,513.00

11

Aggregate amount beneficially owned by each reporting person

2,592,513.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.6 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 1,421,568 Ordinary Shares of the Issuer, (ii) 1,045,871 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 33,540 Ordinary Shares issuable upon the exercise of Existing Warrants, 45,767 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 45,767 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Stressed Credit Master Fund, L.P. Row 13 is based on 97,848,666 Ordinary Shares outstanding, which includes (i) the Outstanding Ordinary Shares, (ii) 1,045,871 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Stressed Credit Master Fund, L.P. or on behalf of MSC Fund A, (iii) 33,540 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Stressed Credit Master Fund, L.P., (iv) 45,767 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (v) 45,767 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Opportunity Co-Investment Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,179,350.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,179,350.00

11

Aggregate amount beneficially owned by each reporting person

2,179,350.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.2 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 1,183,589 Ordinary Shares of the Issuer, (ii) 985,761 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 10,000 Ordinary Shares issuable upon the exercise of Existing Warrants, in each case, directly held by Mudrick Opportunity Co-Investment Fund, L.P. Row 13 is based on 97,673,482 Ordinary Shares outstanding, which includes (i) the Outstanding Ordinary Shares, (ii) 985,761 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Opportunity Co-Investment Fund, L.P., and (iii) 10,000 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Opportunity Co-Investment Fund, L.P.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Opportunity Co-Investment Fund GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 2,179,350.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,179,350.00

11

Aggregate amount beneficially owned by each reporting person

2,179,350.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 1,183,589 Ordinary Shares of the Issuer, (ii) 985,761 Ordinary Shares issuable upon conversion of Convertible Senior Secured Notes, and (iii) 10,000 Ordinary Shares issuable upon the exercise of Existing Warrants, in each case, directly held by Mudrick Opportunity Co-Investment Fund, L.P. Row 13 is based on 97,673,482 Ordinary Shares outstanding, which includes (i) the Outstanding Ordinary Shares, (ii) 985,761 Ordinary Shares issuable upon the conversion of Convertible Senior Secured Notes directly held by Mudrick Opportunity Co-Investment Fund, L.P., and (iii) 10,000 Ordinary Shares issuable upon exercise of Existing Warrants held by Mudrick Opportunity Co-Investment Fund, L.P.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity Drawdown Fund III, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 502,482.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 502,482.00

11

Aggregate amount beneficially owned by each reporting person

502,482.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.5 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 255,080 Ordinary Shares of the Issuer, (ii) 123,701 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 123,701 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity Drawdown Fund III, L.P. Row 13 is based on 96,925,123 Ordinary Shares outstanding, which includes (i) the Outstanding Ordinary Shares, (ii) 123,701 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (iii) 123,701 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Distressed Opportunity Drawdown Fund III GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 502,482.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 502,482.00

11

Aggregate amount beneficially owned by each reporting person

502,482.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.5 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include (i) 255,080 Ordinary Shares of the Issuer, (ii) 123,701 Ordinary Shares issuable upon the exercise of Tranche A Warrants and 123,701 Ordinary Shares issuable upon the exercise of Tranche B Warrants, in each case, directly held by Mudrick Distressed Opportunity Drawdown Fund III, L.P. Row 13 is based on 96,925,123 Ordinary Shares outstanding, which includes (i) the Outstanding Ordinary Shares, (ii) 123,701 Ordinary Shares issuable upon the exercise of Tranche A Warrants and (iii) 123,701 Ordinary Shares issuable upon the exercise of Tranche B Warrants, as each is defined in this Schedule 13D.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Co-Investment Opportunity III, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 250,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 250,000.00

11

Aggregate amount beneficially owned by each reporting person

250,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.3 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include 250,000 Ordinary Shares of the Issuer directly held by Mudrick Co-Investment Opportunity III, L.P. Row 13 is based on the Outstanding Ordinary Shares.

SCHEDULE 13D

CUSIP No. G9471C107

1

Name of reporting person

Mudrick Co-Investment Opportunity III GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 250,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 250,000.00

11

Aggregate amount beneficially owned by each reporting person

250,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.3 %

14

Type of Reporting Person (See Instructions)

BK, OO

Comment for Type of Reporting Person:

Rows 8, 10 and 11 include 250,000 Ordinary Shares of the Issuer directly held by Mudrick Co-Investment Opportunity III, L.P. Row 13 is based on the Outstanding Ordinary Shares.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A ordinary shares, par value $0.0001 per share
(b)	Name of Issuer: Vertical Aerospace Ltd.
(c)	Address of Issuer's Principal Executive Offices: Unit 1 Camwal Court, Chapel Street, Bristol, UNITED KINGDOM , BS2 0UW.
Item 1 Comment: This Amendment No. 5 ("Amendment No. 5") amends the statement on Schedule 13D (as amended from time to time, the "Schedule 13D") originally filed by the Reporting Persons October 23, 2024, and relates to the ordinary shares, par value $0.0001 per share ("Ordinary Shares"), of Vertical Aerospace Ltd. (the "Issuer" or the "Company"). Except as specifically provided herein, this Amendment No. 5 does not modify any of the information previously reported in the Schedule 13D. Unless otherwise indicated, each capitalized term used but not defined in this Amendment No. 5 shall have the meaning assigned to such term in the Schedule 13D.
Item 2.	Identity and Background
(a)	This Amendment No. 5 to Schedule 13D is being jointly filed by Mudrick Capital Management, L.P. ("MCM"), Mudrick Capital Management, LLC ("MCM GP"), Jason Mudrick, Mudrick Distressed Opportunity Fund Global, L.P. ("Global LP"), Mudrick Distressed Opportunity Drawdown Fund II, L.P. ("Drawdown II"), Mudrick Distressed Opportunity Drawdown Fund II SC, L.P. ("Drawdown II SC"), Mudrick GP, LLC ("Mudrick GP"), Mudrick Distressed Opportunity Drawdown Fund II GP, LLC ("Drawdown II GP"), Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P. ("DISL"), Mudrick Distressed Opportunity 2020 Dislocation Fund GP, LLC ("DISL GP"), Mudrick Distressed Opportunity SIF Master Fund, L.P. ("SIF"), Mudrick Distressed Opportunity SIF GP, LLC ("SIF GC"), Mudrick Stressed Credit Master Fund, L.P. ("MSC"), Mudrick Stressed Credit Fund GP, LLC ("MSC GP"), Mudrick Opportunity Co-Investment Fund, LP ("Co-Invest"), Mudrick Opportunity Co-Investment Fund GP, LLC ("Co-Invest GP"), Mudrick Distressed Opportunity Drawdown Fund III, L.P. ("Drawdown III"), Mudrick Distressed Opportunity Drawdown Fund III GP, LLC ("Drawdown III GP"), Mudrick Co-Investment Opportunity III, L.P. ("Co-Invest III") and Mudrick Co-Investment Opportunity III GP, LLC ("Co-Invest III GP"). Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Mudrick GP is the general partner of Global LP and may be deemed to beneficially own the number of securities of the Issuer directly held by Global LP. Drawdown II GP is the general partner of Drawdown II and Drawdown II SC and may be deemed to beneficially own the securities of the Issuer directly held by Drawdown II and Drawdown II SC. DISL GP is the general partner of DISL and may be deemed to beneficially own the number of securities of the Issuer held by DISL. SIF GP is the general partner of SIF and may be deemed to beneficially own the securities of the Issuer directly held by SIF. MSC GP is the general partner of MSC and may be deemed to beneficially own the securities of the Issuer directly held by MSC. Co-Invest GP is the general partner of Co-Invest and may be deemed to beneficially own the securities of the Issuer directly held by Co-Invest. Drawdown III GP is the general partner of Drawdown III and may be deemed to beneficially own the securities of the Issuer directly held by Drawdown III. Co-Invest III GP is the general partner of Co-Invest III and may be deemed to beneficially own the securities of the Issuer directly held by Co-Invest III. MCM is the investment manager to Drawdown II, Global LP, Drawdown II SC, DISL, SIF, MSC, Co-Invest, Drawdown III, Co-Invest III and certain accounts managed by MCM. Mr. Mudrick is the sole member of Mudrick GP, Drawdown II GP, MCM GP, DISL GP, SIF GP, MSC GP, Co-Invest GP and Drawdown III GP. By virtue of these relationships, each of MCM, MCM GP and Mr. Mudrick may be deemed to beneficially own the securities held directly by Global LP, Drawdown II, Drawdown II SC, DISL, SIF, MSC, Co-Invest, Drawdown III, Co-Invest III and certain accounts managed by MCM. The filing of this Schedule 13D is not an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any of the securities reported herein. Each of the Reporting Persons disclaims beneficial ownership of the securities directly held by any other Reporting Person except to the extent such Reporting Person actually exercises voting or dispositive power with respect to such securities. Pursuant to Rule 13d-1(k)(1) under the Exchange Act, a joint filing agreement among the Reporting Persons is attached as Exhibit 17 to this Amendment No. 5 and incorporated herein by reference.
(b)	The principal business office of the Reporting Persons is 527 Madison Avenue, 6th Floor, New York, NY 10022.
(c)	The principal business of the Reporting Persons is investing in securities. The principal business of MCM is acting as the investment manager to the Reporting Persons. The principal business of MCM GP is acting as the general partner of MCM. The principal business of Mudrick GP is acting as the general partner of Global LP. The principal business of Drawdown II GP is acting as the general partner of Drawdown II and Drawdown II SC. The principal business of DISL GP is acting as the general partner of DISL. The principal business of SIF GP is acting as the general partner of SIF. The principal business of MSC GP is acting as the general partner of MSC. The principal business of Co-Invest GP is acting as the general partner of Co-Invest. The principal business of Drawdown III GP is acting as the general partner of Drawdown III. The principal business of Co-Invest III GP is acting as the general partner of Co-Invest III. The principal occupation of Mr. Mudrick is serving as the sole member of each of MCM GP, Mudrick GP, Drawdown II GP, DISL GP, SIF GP, MSC GP, Co-Invest GP, Drawdown III GP and Co-Invest III GP.
(d)	No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	No Reporting Person has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	The responses set forth in row 6 of the cover pages of this Schedule 13D are incorporated by reference in this Item 2(f).
Item 3.	Source and Amount of Funds or Other Consideration
	This Item 3 of the Schedule 13D is amended and supplemented as follows: The information included in Item 4 of this Amendment No. 5 is incorporated by reference into this Item 3.
Item 4.	Purpose of Transaction
	This Item 4 of the Schedule 13D is amended and supplemented as follows: As disclosed by the Issuer, on July 10, 2025, pursuant to the Prospectus dated May 28, 2025, as supplemented, the Issuer offered and sold approximately $60,000,000 in Ordinary Shares at a price of $5.00 per share (the "July 2025 Offering"), of which certain of the Mudrick Funds purchased 2,500,000 Ordinary Shares, in the aggregate, as follows: Number of Shares Mudrick Distressed Opportunity Fund Global, L.P. 658,984 Mudrick Distressed Opportunity Drawdown Fund II, L.P. 379,733 Mudrick Distressed Opportunity Drawdown Fund II SC, L.P. 39,635 Mudrick Stressed Credit Master Fund, L.P. 74,271 Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P. 99,333 Mudrick Distressed Opportunity SIF Master Fund, L.P. 75,476 Mudrick Opportunity Co-Investment Fund, LP - Mudrick Distressed Opportunity Drawdown Fund III, L.P. 7,678 Mudrick Co-Investment Opportunity III, L.P. 250,000 Certain Other Entities (in the aggregate 914,890 The Reporting Persons acquired Ordinary Shares in the July 2025 Offering, as well as previously acquired Ordinary Shares and instruments convertible into or exercisable for Ordinary Shares, including the Convertible Senior Secured Notes, Existing Warrants, Tranche A Warrants and Tranche B Warrants, as each is defined herein (collectively, "Issuer Securities") for investment purposes. The Reporting Persons review their investment in the Issuer on a continuing basis and consider such other factors relevant to the Reporting Persons, which could include the price and availability of Issuer Securities, the Issuer's business and the Issuer's prospects, applicable legal restrictions, prevailing market conditions, other investment opportunities, tax considerations, liquidity requirements of such Reporting Person and/or other investment considerations. Without limiting the generality of the preceding sentence, each of the Reporting Persons (in each case, subject to any applicable restrictions under applicable law) may at any time or from time to time (i) sell, transfer, distribute or otherwise dispose of all or a portion of its Issuer Securities in public or private transactions, including in registered offerings, subject to any applicable lock-up or other agreement, (ii) purchase, receive in a distribution or other transfer, or otherwise acquire Issuer Securities in public or private transactions, (iii) convert or redeem all or a portion of the Convertible Senior Secured Notes for Ordinary Shares; (iv) exercise all or a portion of the Existing Warrants, Tranche A Warrants and/or Tranche B Warrants, in each case, for Ordinary Shares, (v) enter into derivatives or hedging transactions relating to Issuer Securities, and/or (vi) enter into agreements with a broker intended to comply with the requirements of Rule 10b5-1(c)(1)(i) under the Act, on such terms and at such time as the Reporting Persons may deem advisable. Subject to the agreements described in the Schedule 13D, the Reporting Persons, at any time and from time to time, may review, reconsider and change their position and/or change their purpose and/or develop such plans, including with respect to influence on management or the Board regarding the business and affairs of the Issuer, including with respect to MCM's consent rights with respect to the Issuer's governance documents and the Board's composition as disclosed in Amendment No. 3, and engage with advisors, the Issuer or other persons regarding such matters.
Item 5.	Interest in Securities of the Issuer
(a)	This Item 5(a) of the Schedule 13D is amended and supplemented as follows: The responses set forth in rows 7 through 13 and the related "Comments for Type of Reporting Person" on the cover pages to this Amendment No. 5 are incorporated by reference into this Item 5. Such responses are provided as July 10, 2025.
(b)	This Item 5(b) of the Schedule 13D is amended and supplemented as follows: The responses set forth in rows 7 through 13 and the related "Comments for Type of Reporting Person" on the cover pages to this Amendment No. 5 are incorporated by reference into this Item 5. Such responses are provided as of July 10, 2025. By virtue of the relationships described herein, the Reporting Persons may be deemed to constitute a "group" within the meaning of Rule 13d-5 under the Exchange Act. The filing of this Schedule 13D shall not be construed as an admission that the Reporting Persons beneficially own those securities held by another member of such group. In addition, each Reporting Person expressly disclaims beneficial ownership of any securities reported herein except to the extent such Reporting Person actually exercises voting or dispositive power with respect to such securities.
(c)	This Item 5(c) of the Schedule 13D is amended and supplemented as follows: Except as set forth herein, the Reporting Persons have not effected any transactions in securities of the Issuer during the past 60 days.
(d)	This Item 5(d) of the Schedule 13D is amended and supplemented as follows: Under certain circumstances, partners, members or shareholders of the Reporting Persons, as the case may be, could have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, securities owned by such Reporting Person.
(e)	N/A
Item 7.	Material to be Filed as Exhibits.
	Exhibit 17: Joint Filing Agreement, dated as of July 14, 2025.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Mudrick Capital Management, L.P.

Signature:	By: Mudrick Capital Management, LLC its general partner, /s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick Capital Management, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Jason Mudrick

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick Distressed Opportunity Fund Global, L.P.

Signature:	By: Mudrick GP, LLC, /s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick GP, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick Distressed Opportunity Drawdown Fund II, L.P.

Signature:	By: Mudrick Distressed Opportunity Drawdown Fund II GP, LLC, its general partner, /s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick Distressed Opportunity Drawdown Fund II SC, L.P.

Signature:	By: Mudrick Distressed Opportunity Drawdown Fund II GP, LLC, its general partner, /s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick Distressed Opportunity Drawdown Fund II GP, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick Distressed Opportunity 2020 Dislocation Fund, L.P.

Signature:	By: Mudrick Distressed Opportunity 2020 Dislocation Fund GP, LLC, its general partner, /s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick Distressed Opportunity 2020 Dislocation Fund GP, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick Distressed Opportunity SIF Master Fund, L.P.

Signature:	By: Mudrick Distressed Opportunity SIF Master Fund LLC, its general partner, /s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick Distressed Opportunity SIF GP, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick Stressed Credit Master Fund, L.P.

Signature:	By: Mudrick Stressed Credit Fund GP, LLC, its general partner, /s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick Stressed Credit Fund GP, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick Opportunity Co-Investment Fund, L.P.

Signature:	By: Mudrick Opportunity Co-Investment Fund GP, LLC, its general partner, /s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick Opportunity Co-Investment Fund GP, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick Distressed Opportunity Drawdown Fund III, L.P.

Signature:	By: Mudrick Distressed Opportunity Drawdown Fund III GP, LLC, its general partner, /s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick Distressed Opportunity Drawdown Fund III GP, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick Co-Investment Opportunity III, L.P.

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

Mudrick Co-Investment Opportunity III GP, LLC

Signature:	/s/ Jason Mudrick
Name/Title:	Jason Mudrick, Sole Member
Date:	07/14/2025

FAQ

How many EVTL shares does Mudrick Capital now control?

98,006,021 shares (beneficial), equal to 69.7 % of the outstanding Class A ordinary shares.

What was Mudrick’s participation in the July 2025 EVTL equity offering?

Mudrick funds purchased 2,500,000 shares at $5.00 per share, investing about $12.5 million.

How much potential dilution comes from Mudrick’s convertible notes?

The notes are convertible into 39,430,436 additional shares, roughly 28 % of the pro-forma share count.

What types of warrants does Mudrick hold in Vertical Aerospace?

Existing warrants plus Tranche A and Tranche B warrants totaling 4,566,000 shares if fully exercised.

Can Mudrick sell or buy more EVTL shares in the future?

Yes. The filing states Mudrick may buy, sell, convert, exercise or hedge EVTL securities at its discretion.

Does Mudrick’s control affect EVTL’s board composition?

The group retains consent rights over governance documents and board composition, giving it substantial influence.