Vertical Aerospace has completed the closing of the public offering it announced earlier this year. On July 11, the UK company said the net proceeds from the $60 million raised will extend available cash to support work on its VX4 eVTOL aircraft through the middle of 2026.
The offering sold 12 million ordinary shares in the company priced at $5. Underwriters have a 30-day option to purchase an additional 1.8 million shares at the same price.
Earlier this month, Vertical expanded its leadership team, appointing Mark Higson as chief operating officer and Steve Vellacott, who was formerly CTO and head of design with German eVTOL manufacturer Lilium, as vice president and head of design organization. The company has also appointed former Gulfstream Aerospace and Jet Aviation executive Eric Samson to lead its plans for a hybrid-electric VTOL aircraft.
As it presses ahead with plans to complete type certification of the four-passenger eVTOL aircraft in 2028, Vertical expects to have achieved a piloted transition between thrustborne and wingborne flight with a prototype before the end of 2025. In May, it achieved what it said was the first piloted wingborne eVTOL flight in open airspace.
According to Vertical, it has now logged around 1,500 pre-orders for the VX4 from a variety of airlines and other prospective air taxi operators. On June 12, helicopter group Bristow extended its existing memorandum of understanding by agreeing to acquire up to 100 aircraft. The companies have also agreed to collaborate to offer what they call a “ready to fly” support package, including maintenance, repair, and overhaul services, for other VX customers.