Vertical Aerospace has successfully closed its previously announced underwritten public offering, raising total gross proceeds of $60 million, before deducting underwriting discounts, commissions, and other offering expenses.
Within the offering, Vertical sold 12 million ordinary shares at $5 per share. In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 1.8 million ordinary shares at the public offering price, which has not yet been exercised.
The company is currently developing the VX4, a piloted, four-passenger electric vertical take-off and landing (eVTOL) aircraft designed to produce zero operating emissions.
Vertical has 1,500 pre-orders for the VX4, with customers across four continents including American Airlines, Japan Airlines, GOL and Bristow.
The firm intends to use the net proceeds from this offering to fund its research and development expenses as Vertical continues to develop its aircraft and its expenditures in the expansion of its testing and certification capacities, as well as for general working capital and other general corporate purposes.
Specifically, the net proceeds from this offering extend the company’s cash runway towards the middle of 2026.
Deutsche Bank Securities and William Blair acted as joint bookrunners for the transaction, with D. Boral Capital acting as co-manager.