Vertical Aerospace Prices $90 Mln Offering At $6/unit

(RTTNews) - Vertical Aerospace Ltd. (EVTL), an aerospace and technology company, Thursday announced that it has priced its underwritten public offering of $90 million, with units priced at $6.00 each to support research and development for VX4.

Shares are decreasing by 31% in the pre-market trading.

The Offering is expected to close on or about January 24.

The company plans to use the proceeds from the Offering to support research and development for the VX4, expand its testing and certification capabilities, and cover general working capital and corporate expenses.

Each unit consists of one ordinary share, and one-half of one Tranche A warrant, and one-half of one Tranche B warrant.

The Tranche A warrants will expire either when Vertical completes a successful wing-borne flight of its VX4 prototype and the company's share price meets specified conditions within 30 days of disclosure, or five years from issuance, whichever comes first.

These warrants are exercisable at $6.00 per share. Tranche B warrants will expire five years after issuance and are exercisable at $7.50 per share.

In the pre-market trading, Vertical Aerospace is 31.14% lesser at $6.39 on the Nasdaq.