BUZZ-Vertical Aerospace dives on deep-discounted $90 mln equity offering

US-listed shares of air taxi maker Vertical Aerospace EVTL.N down 31.1% premarket to $6.39, nearly two-month low, after overnight follow-on prices

UK-based firm sells 15 mln shares in a unit deal at $6, ~35% discount to stock's last close; deal size increased from $75 mln

Each unit comprises one ordinary share, one-half A warrant, one-half B warrant

The 5-yr A warrants will expire earlier upon meeting certain conditions, including co successfully demonstrating wing-borne flight of its VX4 prototype aircraft, and are exercisable at $6/sh. The 5-yr B warrants are exercisable at $7.50/sh

Co intends to use net offering proceeds to fund R&D for continued development of the VX4, expansion of its testing and certification

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

With ~69.5 mln shares outstanding, co has ~$645 mln market cap

Through Weds close, shares down 26% YTD, but had gained roughly 54% over the past three months

William Blair lead bookrunner for the offering, joined by Canaccord Genuity