Vertical Aerospace Ltd (EVTL)

[crudeoil24]

Vertical is pioneering electric flight, enabling the transition to a future of zero-carbon aviation by providing faster, quieter, greener, and smarter ways for people to travel around cities and regions.
- Vertical Aerospace Ltd.'s ordinary shares will begin trading today under the ticker EVTL on the New York Stock Exchange.
- Proceeds raised plus the issuance of convertible senior secured notes equals approximately $300 million, in excess of the circa $250 million projected spend through to certification and scale production.
- Public shareholders join PIPE investors American Airlines, Avolon, Honeywell, Microsoft's M12, Kouros, Rolls-Royce, 40North and Rocket.
- Vertical recently premiered the full-scale version of its VX4 electric aircraft.
- Vertical has continued to develop its world-class team of seasoned engineers & executives from aviation and transportation backgrounds. Recently, the company appointed Justin Paines, previously of Joby, as its Chief Test Pilot; Harry Holt as incoming Chief Operating Officer from Rolls-Royce, in addition to experienced independent board members and advisors.
- Vertical has deliberately chosen a differentiated approach to its peer group. Vertical's focus is on designing, manufacturing, selling, and servicing aircraft. This allows Vertical's airline partners and other customers to deploy the aircraft as opposed to Vertical developing its own customer-facing operations or ride-share platform.
- Vertical believes it has the largest conditional pre-order book in the eVTOL industry, of up to 1,350 aircraft worth $5.4 billion from American Airlines, Avolon, Virgin Atlantic, Bristow, Marubeni and Iberojet, and through Avolon's placements, airlines JAL and Gol.
- Vertical expects to reach full certification through what is believed to be the highest global certification, the European Union Aviation Safety Authority (EASA) by 2024 and commercial operability by the mid-2020s.