BUZZ-Vertical Aerospace dives after launching $75 mln public offering

US-listed shares of air taxi maker Vertical Aerospace EVTL.N dive 26.2% in extended trading to $6.65 on planned capital raise

London-based firm commences public offering of $75 mln of units

Each unit comprises one ordinary share and one-half each of one Tranche A and Tranche B warrant

Co says plans to use net offering proceeds to fund R&D as it continues to develop the VX4 aircraft and its expenditures in the expansion of its testing and certification capacities

William Blair lead bookrunner, joined by Canaccord Genuity

Earlier this month, co said its eVTOL prototype achieved key piloted flight milestone

Co has ~69.5 mln shares outstanding for about $645 mln market cap

Shares on Weds closed down 1.9% at $9.28, extending YTD loss to 26%. Stock gained 83% in 2024

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))