Loan & DebtAug 13, 2026, 07:03 AM
Vertical Aerospace Secures $35M in New Convertible Notes; Conversion Price $1.30
AI Summary
Vertical Aerospace Ltd. entered into an amended and restated convertible note purchase agreement with Mudrick Capital Management, L.P., securing a commitment for an additional $35 million in 10.00% / 12.00% Convertible Senior Secured PIK Toggle Notes due 2030. A significant amendment fixed the conversion price for all notes at US$1.30 per ordinary share. Concurrently, a shareholder agreement was established, granting Mudrick Capital board nomination rights and increasing the board size to nine directors, reflecting a notable shift in governance and capital structure.
Key Highlights
- Mudrick Capital committed to purchase $35 million in new convertible notes.
- All convertible notes now have a fixed conversion price of US$1.30 per ordinary share.
- Notes carry 10.00% cash interest or 12.00% PIK interest, due December 15, 2030.
- Issuer has a right to repurchase notes at 112% of principal plus accrued interest.
- Board of Directors to increase from eight to nine members.
- Mudrick Capital gains rights to nominate directors based on share ownership.
Price Impact
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