Vertical Aerospace (EVTL) was plunging 30% in extended trading late Wednesday after the vertical takeoff and landing aircraft manufacturer disclosed plans for a $75 million equity offering.

The equity units consist of one ordinary shares and one-half each of a tranche A and a tranche B warrant.

The shares and the warrants will be immediately separable and will be issued separately, the company said. The offering is subject to market conditions and size and closing time are yet to be decided.

Net proceeds will be used to fund research and development as Vertical works to build and test its VX4 piloted aircraft in addition to other general corporate purposes.