Vertical Aerospace’s $205 Million Funding

In UK Latham & Watkins, advised on the matter.

Latham & Watkins advised Vertical Aerospace with a team including Robbie McLaren (Picture – Corporate M&A), Fergus O奪omhnaill (Finance), Karl Mah (Tax M&A and Deal Advisory).

Vertical Aerospace Ltd. (“Vertical”), a global aerospace and technology company that is pioneering zero-emissions aviation, closed US$205 million in additional financing to support its path to scale production and certification of the VA-X4 electric vertical take-off and landing (eVTOL) aircraft. Vertical is targeting the highest global certification for its VA-X4, which is expected to achieve the equivalent safety standard of a passenger jet by 2024 (based on the expected standards promulgated by the CAA and EASA).

Mudrick Capital Management, L.P., a global investment firm focused on special situation investing, will invest US$200 million in Vertical through convertible senior secured notes. In addition, Kouros SA, a firm specializing in investments to decarbonize transport and energy production, will invest US$5 million in Vertical’s PIPE financing in connection with Vertical’s de-SPAC transaction, alongside American Airlines, Avolon, Honeywell, Microsoft’s M12, and Rolls-Royce.

The cross-border Latham team was led by corporate partners Robbie McLaren (Picture) and David Stewart, with associates Yolanda Min, Sarah Youssefi, Adam Czernikiewicz, Cécile Wirxel, and Summer Xia. Advice on convertible notes was provided by partner Reza Mojtabaee-Zamani, with associates Eric Rice, Kate Kim, and Saem Kim; on tax matters by partners Jiyeon Lee-Lim and Karl Mah, with associates Shruti Hazra and Aaron Bradley; and on finance matters by partner Fergus O’Domhnaill, with associate Hannah Drake.

Involved fees earner: Aaron Bradley – Latham & Watkins; Adam Czernikiewicz – Latham & Watkins; Hannah Drake – Latham & Watkins; Shruti Hazra – Latham & Watkins; Katherine Kim – Latham & Watkins; Jiyeon Lee-Lim – Latham & Watkins; Karl Mah – Latham & Watkins; Robbie McLaren – Latham & Watkins; Yixiao Min – Latham & Watkins; Reza Mojtabaee-Zamani – Latham & Watkins; Fergus O’Domhnaill – Latham & Watkins; Eric Rice – Latham & Watkins; David Stewart – Latham & Watkins; Cécile Wirxel – Latham & Watkins; Xiaomeng Xia – Latham & Watkins; Sarah Youssefi – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Vertical Aerospace;

Author: Giulia Di Palma