Vertical Aerospace Set For $50 Million in Funding and Debt Relief | Aviation International News

Finance, Taxes, Insurance

Vertical Aerospace Set For $50 Million in Funding and Debt Relief

Mudrick Capital is leading a $180 million new equity and debt conversion plan

Vertical Aerospace VX4 eVTOL aircraft — Vertical Aerospace is conducting untethered, pilot flight tests with its four-passenger VX4 eVTOL aircraft at Cotswold Airport in the UK.

By Charles Alcock • Managing Editor

November 25, 2024

Vertical Aerospace has bolstered its financial foundations with $50 million in additional funding to support its efforts to bring the VX4 eVTOL aircraft to market. On November 25, the UK start-up announced an agreement under which Mudrick Capital committed to providing the amount through a fresh equity round that will also involve converting around $130 million of debt into equity.

The funding from Mudrick, which specializes in backing “stressed and distressed” companies, includes an upfront payment of $25 million and an additional “backstop” of up to $25 million to cover any shortfall in funding from third parties. Vertical’s founder Stephen Fitzpatrick retains an option to invest a further $25 million on the same terms.

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