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Company advances financing and reduces debt to drive development of VX4 eVTOL, designed to transform global air mobility
A Vertical Aerospace, a pioneer in the development of electric vertical takeoff and landing (eVTOL) aircraft, announced the conclusion of an agreement that guarantees up to $50 million in new financing committed. The movement, led by Mudrick Capital Management, RESPONSIVEstrengthens the company's financial health and advances the strategic plan Flightpath 2030, which aims to consolidate leadership in the sustainable air mobility market, according to the Aeroin website.
In addition, the agreement includes the conversion of $130 million equity debt, significantly reducing the company's debt and strengthening its balance sheet.
Investment impact
According to the CEO of Vertical Aerospace, Stuart Simpson, financial commitment and shareholder support are crucial for the next steps for aircraft investment:
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“This milestone sets us up perfectly for our biggest year yet – with new investments, progress in piloted flight testing and major technological advancements on the horizon.”
A Mudrick Capital, which leads financing in the aircraft sector, highlighted the relevance of the VX4 and Vertical's innovation in the aerospace sector. For Jason Mudrick, founder and Investment Director of the company, the partnership positions Vertical to revolutionize global mobility.
Pillars of the aircraft company's investment announcement
Vertical Aerospace's statement detailed the following advances and investment:
- Guaranteed financing:
Mudrick Capital has committed to $25 million in seed funding e até Additional $25 million through external collections. - Debt-to-equity conversion:
A total of $130 million in debt was converted into common stock at fixed prices, reducing the company's financial obligations and extending the loan repayment term to December 2028. - Shareholder Approvals:
The Extraordinary General Meeting approved the increase in the company's authorized capital, raising it from $110,000 to $210,000. Governance changes were also included, such as the appointment of a majority of independent directors on the board and the granting of proportional rights to Mudrick Capital.
