Financing ·
Vertical Aerospace Ltd. entered into an agreement in principle to amend its indenture governing 10.00% / 12.00%…
EVAWFVertical Aerospace Ltd.
Vertical Aerospace Ltd. entered into an agreement in principle to amend its indenture governing 10.00% / 12.00% Convertible Senior Secured PIK Toggle Notes due 2030, reducing the conversion price from $3.50 to $1.30 per share. The company also executed agreements with Mudrick Capital Management, L.P. and Yorkville Advisors Global, LP to draw up to $50 million in additional convertible notes, accelerating the issuance of the remaining $35 million on or before August 12, 2026. A shareholder agreement grants Mudrick Capital director nomination rights and other governance powers. The net proceeds will fund research and development for aircraft development and expansion of testing, manufacturing, and certification capacities. Vertical Aerospace Ltd. operates in the aerospace industry, designing and developing electric vertical takeoff and landing (eVTOL) aircraft.