Vertical Aerospace Ltd. entered into a non-binding agreement in principle for a comprehensive financing package of up to $800 million from Mudrick Capital and Yorkville.
Key takeaways
Entered non-binding termsheet on March 30, 2026 for financing package.
Mudrick Capital to provide up to $50 million senior secured convertible notes in $5 million monthly increments over 12 months.
Maturity of notes under Indenture extended to December 2030 via Third Supplemental Indenture.
Yorkville to provide up to $250 million convertible preferred equity in $25 million tranches at 96% of face value, no less than 60 days apart.
Yorkville equity line of credit for up to $500 million ordinary shares at 97% of VWAP over three years.
Proceeds for R&D, aircraft development, testing/manufacturing expansion, working capital.