Advising Vertical Aerospace on the closing of its upsized $90 million underwritten public offering

Walkers has acted as Cayman Islands counsel to Vertical Aerospace Ltd. ("Vertical"), on the conversion of $130 million of debt into equity and on its $90 million underwritten public offering.  In the offering, Vertical sold 15 million units at $6.00 per unit. Each unit comprises one ordinary share and one-half of one Tranche A warrant and one-half of one Tranche B warrant. 

Vertical is a global aerospace and technology company pioneering electric aviation. Vertical’s VX4 is a piloted, four passenger, Electric Vertical Take-Off and Landing (eVTOL) aircraft, with zero operating emissions. Vertical intends to use the proceeds from the offering to fund its research and development expenses as Vertical continues to develop the VX4 and its expenditures in the expansion of its testing and certification capacities, as well as for general working capital and other general corporate purposes.

The Walkers team was led by Corporate partner Andrew Barker with associate Samantha Currie.