Vertical Aerospace dives after launching $75 mln public offering

Vertical Aerospace

22/01/2025 22:14

** US-listed shares of air taxi maker Vertical Aerospace
 EVTL.N  dive 26.2% in extended trading to $6.65 on planned
capital raise
** London-based firm commences public offering of $75 mln of
units
    ** Each unit comprises one ordinary share and one-half each
of one Tranche A and Tranche B warrant
** Co says plans to use net offering proceeds to fund R&D as it
continues to develop the VX4 aircraft and its expenditures in
the expansion of its testing and certification capacities
    ** William Blair lead bookrunner, joined by Canaccord
Genuity
  
    ** Earlier this month, co said its eVTOL prototype  key
piloted flight milestone
  
    ** Co has ~69.5 mln shares outstanding for about $645 mln
market cap
  
    ** Shares on Weds closed down 1.9% at $9.28, extending YTD
loss to 26%. Stock gained 83% in 2024
  

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))