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 become a publicly traded company on the NYSE after completing its merger with Broadstone Acquisition Corp.
The SPAC merger, valued at approximately $2.2 billion, yielded $300 million in proceeds, which Vertical plans to use for certifying its VX4 aircraft and scaling production.
Vertical Aerospace has garnered significant investments and partnerships from global leaders like American Airlines, Honeywell, and Rolls-Royce, and holds over 1,350 conditional pre-orders for its VX4 eVTOL aircraft.
The company aims to differentiate itself as a pure-play OEM (original equipment manufacturer) in the electric aviation market, with a goal of achieving VX4 certification by 2024.

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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.