Vertical Aerospace Becomes Fourth eVTOL Company to Go Public

U.K.-based air taxi startup Vertical Aerospace has officially become a publicly traded company, following its merger with Broadstone Acquisition Corp.

Michael Wildes

Thursday, December 16, 2021 at 03:01 PM ET

Verified

Vertical says it now has more than 1,350 conditional pre-orders of its VX4 aircraft. Courtesy: Vertical Aerospace

Key Takeaways:

U.K.-based air taxi startup Vertical Aerospace has officially become a publicly traded company on the NYSE (EVTL) following its merger with Broadstone Acquisition Corp.
The SPAC merger, valued at approximately $2.2 billion, yielded around $300 million in proceeds, which Vertical plans to use to certify its VX4 aircraft and scale production with a target certification date of 2024.
Vertical is the fourth eVTOL company to go public via a SPAC this year, distinguishing itself as a pure-play OEM, and has secured over 1,350 conditional pre-orders and investments from major industry partners.

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U.K.-based air taxi startup Vertical Aerospace (NYSE: EVTL) has officially become a publicly traded company, following its merger with Broadstone Acquisition Corp. (“Broadstone”) (NYSE: BSN).

The merger, which was approved by shareholders in a proxy vote on Tuesday,allows Vertical to be listed on the New York Stock Exchange. Of the shareholders present for the vote, more than 87 percent of them approved the merger, according to SEC filings.