Air taxi startup Vertical Aerospace extends runway with $50mn lifeline

Quick Summary:

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.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Author / Journalist: Siôn Geschwindt

Category: Technology

Markets: NetherlandsSouth Africa

Topics: Investors and funding Startups and technology Insider Ecosystems Next Featured

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-26 @ 10:17:36 (1 days ago)

News Timezone: GMT +1:00

News Source URL: thenextweb.com

Language: English

Article Length: 609 words

Reading Time: 4 minutes read

Sentences: 28 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Next Web

News ID: 23899945

View Article Analysis

About The Next Web

Main Topics: Technology

Official Website: thenextweb.com

Update Frequency: 1 posts per day

Year Established: 2006

Headquarters: Netherlands

News Last Updated: 17 hours ago

Coverage Areas: Netherlands

Ownership: Independent Company

Publication Timezone: GMT +1:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #13

Publisher Details

Frequently Asked Questions