EVTL - Electric Aviation Company Vertical Aerospace Bags $50M Funding: What's Going On? | Benzinga
Vertical Aerospace Ltd (NYSE:EVTL) disclosed securing committed funding worth $50 million from its founder, majority owner, and CEO, Stephen Fitzpatrick.
As per the binding deal between the company and Fitzpatrick, the CEO commits for an initial tranche of $25 million.
The tranche, which includes a mixture of ordinary shares at $10 per share and warrants with a $5 exercise price, will close by March 2024.
The second tranche of $25 million will close by July 31, 2024, and for ordinary shares at a price per share to be determined.
The transaction closure is subject to entry into ...