Finance, Taxes, Insurance
Vertical Aerospace Shareholders Back $50 Million eVTOL Aircraft Funding
Meanwhile, prospects for keeping rival eVTOL developer Lilium in business appear to be fading
Vertical Aerospace VX4 eVTOL aircraft prototype
New funding will support continued flight testing of the Vertical Aerospace VX4 eVTOL aircraft prototype.

An extraordinary general meeting of shareholders on December 23, approved a $50 million funding package to sustain Vertical Aerospace’s work on its VX4 eVTOL aircraft. The vote backed an agreement reached on November 25 through which Mudrick Capital committed to a fresh equity round that will also involve converting around $130 million of debt into equity.

The investment agreement was signed on December 20 by Vertical’s majority shareholder, Stephen Fitzpatrick, and Mudrick Capital, which is the company’s primary creditor. On December 15, Mudrick agreed not to enforce certain default terms covering its earlier investment. The agreement approved by shareholders extends the repayment date for Mudrick's loan to Vertical by two years up to December 2028.