Vertical Aerospace dives on deep-discounted $90 mln equity offering

Vertical Aerospace

23/01/2025 12:54

** US-listed shares of air taxi maker Vertical Aerospace
 EVTL.N  down 31.1% premarket to $6.39, nearly two-month low,
after overnight follow-on prices
** UK-based firm sells 15 mln shares in a unit deal at $6, ~35%
discount to stock's last close; deal size increased from $75 mln
    ** Each unit comprises one ordinary share, one-half A
warrant, one-half B warrant
    ** The 5-yr A warrants will expire earlier upon meeting
certain conditions, including co successfully demonstrating
wing-borne flight of its VX4 prototype aircraft, and are
exercisable at $6/sh. The 5-yr B warrants are exercisable at
$7.50/sh
** Co intends to use net offering proceeds to fund R&D for
continued development of the VX4, expansion of its testing and
certification
    
      
    
  
    
      
    
  
    
      
    
  
    ** William Blair lead bookrunner for the offering, joined by
Canaccord Genuity
  

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