Vertical Aerospace (EVTL) said Monday it has secured a $50 million funding commitment from primary creditor Mudrick Capital Management and its majority shareholder, Stephen Fitzpatrick who will remain on the board of the company.

The funding will support the newly launched Flightpath 2030 Strategy, focusing on its eVTOL market leadership and VX4 certification, Vertical Aerospace said.

The commitment includes a $25 million upfront investment and a $25 million backstop, with an option for Fitzpatrick to invest an additional $25 million.

Under the term sheet, around $130 million of convertible notes will be converted into equity at $2.75 per share, while the conversion price for remaining notes was fixed at $3.50 per share, the company said. Additionally, the remaining loan repayment date was extended to December 2028.

Vertical Aerospace shares were up almost 9% in recent premarket trading.