Vertical Aerospace, a global aerospace and technology firm, has successfully closed its underwritten public offering, raising gross proceeds of US$90 million. This marks a significant increase from its initial target of US$75 million, driven by strong investor interest. Over US$60 million of the funds came from new investors, while US$25 million was contributed by Mudrick Capital under an investment agreement signed on December 20, 2024. The agreement also facilitated the conversion of $130 million in debt into equity, enhancing Vertical’s financial stability.
The offering included 15 million units sold at US$6.00 each. Each unit comprised one ordinary share and half of one Tranche A warrant and half of one Tranche B warrant. If exercised, these warrants could generate an additional US$101 million in proceeds.
Vertical plans to utilise the raised capital for research and development, focusing on advancing its flagship VX4 electric aircraft. The funds will also support expansion in testing and certification capabilities, general working capital needs, and corporate initiatives. These resources are intended to accelerate the company’s 2025 operational targets, enabling increased spending in the latter half of the year to align with its “Flightpath 2030” strategy. This strategy includes a milestone target to achieve certification for the VX4 in 2028.
The successful offering underscores investor confidence in Vertical’s vision for electric aviation and its ability to lead the industry towards a more sustainable future.
