Air taxi startup Vertical Aerospace extends runway with $50mn lifeline
Update: 2024-11-26
Description
Vertical Aerospace has been thrown a crucial lifeline, staving off potential bankruptcy at the cash-strapped air taxi startup. The UK-based company — which makes electric vertical take-off and landing (eVTOL) aircraft — secured the fresh funds from its largest creditor, American debt investor Mudrick Capital. The agreement, announced Monday, includes a $50mn cash injection and a substantial debt-to-equity swap. Mudrick will invest $25mn upfront and guarantee another $25mn in future funding, offset by contributions from third-party investors. Mudrick will also convert half of its $130mn in outstanding loans into equity at $2.75 per share, taking its ownership stake in Vertical…
This story continues at The Next Web
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