ABOVE: Vertical’s VX4 eVTOL craft is targeting a certification date of 2026
The founder and CEO of Vertical Aerospace, Stephen Fitzpatrick, has committed to invest $50 million of equity capital into the company as it risks being de-listed from the New York Stock Exchange.
Fitzpatrick has committed an initial $25 million of funding at $10 per share, with a second $25 million at a price yet to be determined. This investment extends Vertical’s projected cash runway into the second quarter of 2025 and will support the continued development of the certification aircraft design, notes the company, which maintains a target for type certification of its VX4 eVTOL (electric vertical take-off and landing craft) towards the end of 2026.
However, Vertical suffered a setback when its only airworthy demonstrator crashed during a flight test at Kemble airport in August 2023. Its second full-scale, second-generation VX4 prototype is currently under construction at GKN Aerospace’s Global Technology Centre and will conduct ‘a series of key public flight demonstrations’ in 2024.
Fitzpatrick commented that since founding Vertical in 2016, “the company has achieved significant technical progress both in its prototype programme and its certification plans in 2023, that [he believes] is not reflected in [its] share price”.
In December 2023, Vertical received a notice from the New York Stock Exchange warning that it risks being de-listed as its shares had not met a minimum average closing price of $1.00 over the preceding 30 consecutive trading days. Vertical intends to ‘regain compliance’ with the continued listing standards. At the time of writing, Vertical’s stock had closed at $0.63, down 71% over the last year.
IMAGE: VERTICAL AEROSPACE