Mr Simpson believes the $50m (£39) injection from Jason Mudrick will keep Vertical running until the end of 2025.
Vertical had racked up £260m of debt and the new deal sees half of that debt converted into equity, owned by distressed debt investor Mudrick Capital.
This means that Jason Mudrick will now own 70% of Vertical’s shares, replacing founder Stephen Fitzpatrick, who is left with 20%.
Mr Fitzpatrick will remain on the board, providing “strategic direction”.
Mudrick Capital has been involved for three years already, and both sides denied talk of a takeover.
Mr Mudrick said: “This agreement underscores our appreciation of Vertical Aerospace’s position in the eVTOL sector and a team that has demonstrated its ability to deliver groundbreaking solutions for the future of sustainable aviation.”
Mr Fitzpatrick said: “The additional equity and stronger balance sheet will enable us to fund the next phase of our development programme and deliver on our mission to bring this amazing electric aircraft to the skies.”
The company has already sold the first 1500 aircraft to blue chip aerospace firms and plans to achieve full CAA certification by 2028 – giving its aircraft permission to fly.
Credit: Source link
