By Sabela Ojea
Shares of Vertical Aerospace fell after the company said that it plans to launch a stock offering to fund research and development expenses.
The stock was down 29% to $6.62 in post-market trading on Wednesday. Shares have climbed 48% in the past 12 months.
The aerospace and technology company said it will offer $75 million of units, with each unit consisting of one ordinary share and one-half of a Tranche A warrant and one-half of a Tranche B warrant.
Proceeds from the offering will help fund continuing development of the VX4 aircraft, as well as expenditures in the expansion of its testing and certification capacities, Vertical Aerospace said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 22, 2025 18:15 ET (23:15 GMT)
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