Vertical Aerospace is financially secure for around another 12 months having closed a share sale that has raised gross proceeds of $60 million.
Announced on 8 July, the underwritten public offering saw Vertical sell 12 million ordinary shares at a price of $5 each.
It has also granted the two underwriters – Deutsche Bank Securities and William Blair – a 30-day option to purchase another 1.8 million shares at the same price, which has not yet been exercised.
Vertical says it will use the money raised to “fund its research and development expenses” as it continues to progress its VX4 electric vertical take-off and landing aircraft towards certification later this decade.
“Specifically, the net proceeds from this offering extends the company’s cash runway towards the middle of 2026,” it adds.
Preliminary management accounts show Vertical had £62 million ($83.6 million) of cash and cash equivalents on hand as of 30 June.
