Vertical Aerospace (Vertical) (“Vertical” or the “Company”), a global aerospace and technology company that is pioneering electric aviation, today announces the closing of its previously announced underwritten public offering (the “Offering”) for total gross proceeds of $60 million, before deducting underwriting discounts and commissions and other offering expenses.
In the Offering, Vertical sold 12,000,000 ordinary shares at $5.00 per ordinary share. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 ordinary shares at the public offering price, which has not yet been exercised.
Vertical intends to use the net proceeds from the Offering to fund its research and development expenses as Vertical continues to develop its aircraft and its expenditures in the expansion of its testing and certification capacities, as well as for general working capital and other general corporate purposes.
Specifically, the net proceeds from this offering extends the Company’s cash runway towards the middle of 2026.
SOURCE: Vertical Aerospace
