Air Taxi Maker Vertical Secures Bailout From Mudrick Capital
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Flying taxi startup Vertical Aerospace Ltd. said it had secured as much as $50 million in new funding from Mudrick Capital Management, giving it financial breathing room to test and certify its first model.
As part of the transaction, Mudrick Capital will provide $25 million in upfront funding as well as a commitment for an additional $25 million that will be reduced by any amount raised from third parties, Vertical said in a statement Monday. About $130 million in convertible notes will also be converted into equity at $2.75 a share, according to the statement.