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Investing.com -- Vertical Aerospace (NYSE:EVTL) stock fell 22% after the electric aviation company announced plans for a $60 million underwritten public offering of ordinary shares.
The global aerospace and technology company, which specializes in pioneering electric aircraft, said the offering includes a 30-day option for underwriters to purchase up to an additional $9 million of ordinary shares. Deutsche Bank (ETR:DBKGn) Securities and William Blair are serving as joint bookrunners for the proposed offering.
Vertical Aerospace intends to use the proceeds to fund research and development expenses as it continues developing its aircraft. The funds will also support the expansion of testing and certification capacities, along with general working capital and corporate purposes.
The company noted that the offering remains subject to market and other conditions, with no guarantee regarding its completion or final terms.
Vertical Aerospace shares trade on the New York Stock Exchange under the ticker symbol "EVTL."
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