Vertical Aerospace (EVTL) said Thursday it priced its public offering of $90 million of units at $6 per unit.

The company said each unit consists of one ordinary share, one-half of one Tranche A warrant, and one-half of one Tranche B warrant.

The shares and warrants are immediately separable and will be issued separately.

Vertical Aerospace said the Tranche A warrants will expire five years from issuance or earlier if certain conditions related to the VX4 aircraft's wing-borne flight demonstration are met.

Tranche A warrants are exercisable at $6 per share, while Tranche B warrants, exercisable at $7.50 per share, will expire five years from issuance, it added

Proceeds from the offering, expected to close on Friday, would fund its research and development, testing and certification expansion, and general corporate purposes, the company said.

Shares of the company fell nearly 31% in recent premarket activity.