Vertical Aerospace rises after signing tentative funding deal

Vertical Aerospace

25/11/2024 19:12

** U.S. listed shares of air-taxi maker Vertical Aerospace
 M000.F  up 49% at $7
    ** Company and Mudrick Capital sign a non-binding term sheet
under which the investor will convert half of its outstanding
convertible debt to equity and extend the repayment date on the
remainder to December 2028
    ** Mudrick will commit $25 mln in upfront funding for
Vertical's next equity round and an additional $25 mln backstop,
which can be reduced by amounts raised from third parties
    ** Two of four brokerages rate stock "buy", one "hold" and
one "sell"; their median PT is $15, according to data compiled
by LSEG
    ** Up to last close, stock down 30.37% YTD

 (Reporting by Anshuman Tripathy)
 ((Anshuman.Tripathy@thomsonreuters.com))