Shareholders in eVTOL aircraft developer Vertical Aerospace have approved a reverse stock split required to be compliant with New York Stock Exchange rules. The one-for-ten split was approved by the UK company’s board following an annual general meeting on September 16 and will take effect when Wall Street trading closes on September 20.
The move, which has been anticipated for several months with Vertical’s stock trading below the $1 mark, was confirmed the day before it published financial results for the first half of 2024. The company reported an operating loss of £20 million ($26 million) for the six months to June 30, at which point it had cash reserves of £67 million. It anticipates spending between £40 million and £45 million over the rest of 2024 as it steps up flight testing of a new full-scale prototype of the four-passenger VX4 aircraft it aims to bring to market in 2026.
In this article
More In Finance, Taxes, Insurance
