Vertical Aerospace has secured $50 million in new financial backing that should see it through into Q2 of 2025. The funding allows the eVTOL start-up to continue the development of the certification aircraft design.
The backing comes from founder and CEO Stephen Fitzpatrick. He is providing a first tranche of $25 million for $10 per share, which is expected to close in March. No later than July 31, a second tranche of $25 million is due at a share price that is to be determined. The second tranche could be reduced if Vertical secures alternative equity funding by late July.
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