Vertical Aerospace (EVTL) said late Monday it entered into an agreement and received shareholder approval for a transaction that includes up to $50 million in new committed funding.

The funding round is expected to close in Q1 2025.

Mudrick Capital finalized its commitment on Dec. 20, providing $25 million in upfront funding, with an additional $25 million backstop.

The company said it also completed a debt conversion on Monday, with Mudrick Capital converting $130 million of debt into equity at $2.75 apiece. The conversion price for the remaining $130 million has been fixed at $3.50 per share.

Mudrick Capital also agreed to extend the loan repayment date by two years, to December 2028, according to the company.

Additionally, Vertical Aerospace said its shareholders voted in favor of increasing the company's authorized share capital from $110,000 to $210,000, raising the number of ordinary shares to 200 million.

Shares of Vertical were advancing nearly 10% in after-hours activity.