Vertical Makes Wall Street eVTOL Takeoff with $300 Million Flotation

The UK-based company's four-passenger VX4 eVTOL will have range of over 100 miles, and prospective launch customers have committed to buy up to 1,350 of the aircraft.

Vertical Aerospace VA-X4 — Vertical Aerospace has renamed its four-passenger eVTOL aircraft as the VX4, and with fresh funding from a New York Stock Exchange share flotation says it is on track to complete type certification by 2024. (Image: Vertical Aerospace)

By Charles Alcock • Managing Editor

December 16, 2021

Shares in eVTOL aircraft developer Vertical Aerospace started trading on the New York Stock Exchange (NYSE) on Thursday, after shareholders in Broadstone Acquisition Corp. approved a merger with the UK-based start-up on December 15. Trading under the EVTL ticker, the combined company said that it expects to raise around $300 million from the flotation and the issuance of convertible senior secured notes.

While the capital raised is less than the $394 million figure cited when Vertical announced plans to go public through a merger with the special purpose acquisition company in June, the group said it is more than the $250 million it expects to need to complete EASA type certification of its four-passenger eVTOL by 2024 and start commercial operations in “the mid-2020s.” Last week, Vertical Aerospace unveiled the prototype of the newly renamed VX4 aircraft, which is expected to start flight testing in 2022.

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