Overview
- Vertical Aerospace closed the up to $850 million package Monday, and its EVTL shares fell 10.48% on concern that new securities could swell the share count.
- The plan extends Mudrick Capital’s existing convertible notes to December 15, 2030 and adds up to $50 million in new notes that can convert at $3.50 per share.
- Yorkville Advisors supplied a $250 million convertible preferred facility and a $500 million equity line, with $24 million of preferred funded at $960 per share on day one and about $30 million already drawn.
- Vertical says the deal provides about $160 million of near‑term working cash, and the preferred shares pay dividends in stock, which can increase dilution for common holders.
- Funds support the Valo eVTOL air taxi (electric vertical takeoff and landing) after an April 14 piloted two‑way transition flight, with seven pre‑production aircraft planned for CAA and EASA work and a 2028 certification target.