By Stephen Nakrosis
Shares of Vertical Aerospace were trading higher in the after-hours market following news the company secured an investment agreement with Mudrick Capital Management.
The deal calls for Mudrick Capital to commit up to $50 million of new funding. Mudrick also converted $130 million debt into equity at a fixed conversion price, Vertical Aerospace said.
After the bell, shares of Vertical Aerospace were trading 11% higher, at $8.25. The stock ended Monday's regular session with a loss of just under 6%, closing at $7.42.
Year to date, the stock is up about 7.8%.
Vertical Aerospace makes the VX4, a piloted, four-passenger, electric vertical take-off and landing aircraft.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
December 23, 2024 17:44 ET (22:44 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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