# Vertical Aerospace Ltd. (EVTWF) — capital_raise/public_offering [completed]
Source: SEC API (secapi.ai) · situation sit_81b232e498ae29f62eb5 · retrieved 2026-08-12T07:01:41.259Z

## Overview
Vertical Aerospace Ltd. is an aircraft manufacturer developing electric vertical takeoff and landing (eVTOL) aircraft.

On August 5, 2026, Mudrick Capital Management, L.P. (on behalf of certain Mudrick funds) agreed in principle to purchase $35 million of additional Convertible Senior Secured Notes from Vertical Aerospace Ltd. under a financing term sheet. The Additional Notes will be issued under the Company's existing Indenture (dated December 16, 2021) and will mature on December 15, 2030, bearing interest at 10.00% cash or 12.00% PIK at the Company's election. Critically, the Indenture will be amended to reduce the conversion price of all Convertible Senior Secured Notes (both existing and new) from $3.50 to $1.30 per ordinary share. In connection with the transaction, Mudrick Capital will receive governance rights, including board nomination rights proportional to its beneficial ownership (with a minimum of one board seat so long as it owns at least 10% of the Company's ordinary shares), and the Company's board will be expanded to nine directors.

## Terms
- Counterparty: Mudrick Capital Management, L.P. · Deal value: $35.0M · Consideration: cash · Stake: 55% · Price/share: $1.3

## Key dates
- Vote 2026-09-15 · Expected close 2026-08-12 · Completed 2026-08-08

## Timeline
- 2026-08-08 · SCHEDULE 13D/A (0001104659-26-092862): SCHEDULE 13D/A - Vertical Aerospace Ltd. — *Vertical Aerospace Ltd. is an aircraft manufacturer developing electric vertical takeoff and landing (eVTOL) aircraft.* On August 5, 2026, Mudrick Capital Management, L.P. (on behalf of certain Mudrick funds) agreed in principle to purchase $35 million of additional Convertible Senior Secured Notes from Vertical Aerospace Ltd. under a financing term sheet. The Additional Notes will be issued under the Company's existing Indenture (dated December 16, 2021) and will mature on December 15, 2030, bearing interest at 10.00% cash or 12.00% PIK at the Company's election. Critically, the Indenture will be amended to reduce the conversion price of all Convertible Senior Secured Notes (both existing and new) from $3.50 to $1.30 per ordinary share. In connection with the transaction, Mudrick Capital will receive governance rights, including board nomination rights proportional to its beneficial ownership (with a minimum of one board seat so long as it owns at least 10% of the Company's ordinary shares), and the Company's board will be expanded to nine directors.
  https://www.sec.gov/Archives/edgar/data/1867102/0001104659-26-092862.txt

## Citations
- 0001104659-26-092862 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926092862