Vertical Aerospace Ltd. Financing Transactions Agreement in Principle
Vertical Aerospace Ltd. has entered into a non-binding agreement in principle with Mudrick Capital Management, L.P. and a designee of Yorkville Advisors Global, LP. This agreement involves several key financial transactions: amendments to a convertible note purchase agreement to accelerate the issuance of $35 million in convertible senior secured notes, a change in the conversion price of existing notes from $3.50 to $1.30, and the issuance of $25 million in Series A convertible preferred shares to Yorkville. The company also plans to restructure employee options and establish a new management option pool, subject to shareholder approval. Proceeds will fund research and development, testing, manufacturing, certification capacities, and general working capital. Amendments to the company's articles of association regarding director nomination rights for Mudrick Capital are also part of the agreement, contingent on shareholder approval. As of June 30, 2026, the company reported approximately Β£50 million ($66 million) in cash and cash equivalents.