Vertical Aerospace tumbles after launching $60 mln stock offering

US-listed shares of air-taxi maker Vertical Aerospace EVTL.N tumble 26.2% premarket to $5.13 on planned equity raise

UK-based firm late Tues commenced $60 mln stock offering

Deutsche Bank and William Blair are jt bookrunners

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

In early May, co expanded its partnership with Honeywell HON.O to take VX4 to certification

With ~84.7 mln shares outstanding as of Jul 1, per the prospectus, EVTL has about $590 mln market cap

Through Tues close, shares had risen ~140% over the past three months, leaving them down ~45% YTD

4 of 6 analysts rate EVTL "buy", 1 rates "hold" and 1 recommends "sell" and median PT is $13.50, LSEG data reflects