Recent Updates — EVTWF
Vertical Aerospace appointed Clyde Woltman, former CEO of Leonardo Helicopters US and retired U.S. Marine Corps Colonel, to its Board of Directors effective October 5, 2026. The appointment was proposed by Mudrick Capital Management L.P. pursuant to director appointment rights. Concurrently, directors Carsten Stendevad and James Keith Brown resigned, with their departures also taking effect on October 5, 2026. Vertical Aerospace is a global aerospace company pioneering electric vertical take-off and landing (eVTOL) aircraft.
On August 10, 2026, Vertical Aerospace Ltd. priced an underwritten registered direct offering of approximately $35 million in units, each consisting of one ordinary share and one Tranche C warrant, at $1.05 per unit to a limited number of investors with Jefferies LLC acting as underwriter. The company estimates net proceeds of approximately $32.55 million after deducting discounts and expenses, intended for research and development, expansion of testing and manufacturing capacities, and general working capital. Concurrently, the company issued 25,000 Series A Convertible Preferred Shares to Yorkville PN Ltd. under a Securities Purchase Agreement, generating an aggregate purchase price of $24 million at $960 per share with a fixed conversion price component of $1.26. These transactions provide critical capital for Vertical Aerospace Ltd., which operates in the electric vertical takeoff and landing (eVTOL) aircraft industry.
Vertical Aerospace Ltd. entered into a non-binding term sheet for a $100 million comprehensive financing package with Mudrick Capital Management and Yorkville Advisors Global on August 5, 2026. The deal includes the immediate issuance of $35 million in additional Convertible Senior Secured Notes to Mudrick Capital and the issuance of $25 million in Series A convertible preferred shares to Yorkville. The transaction also involves a $35 million common equity offering at a minimum price of $1.00 per share, a reduction of the conversion price on existing notes from $3.50 to $1.30, and the repricing of employee options to $1.30. Governance changes include increasing the board size to nine directors and granting Mudrick Capital nomination rights proportional to its ownership, subject to shareholder approval by September 15, 2026. The company reported approximately £50 million ($66 million) in cash as of June 30, 2026. Vertical Aerospace Ltd. operates in the advanced air mobility industry, designing and manufacturing electric vertical takeoff and landing (eVTOL) aircraft.