Vertical Aerospace tumbles on $60 mln stock sale

US-listed shares of air-taxi maker Vertical Aerospace EVTL.N tumble 31.8% premarket to $4.74 after follow-on priced

UK-based firm early Weds offers 12 mln shares at $5 for $60 mln gross proceeds

Offering price represents 28.1% discount to stock's last close

Deutsche Bank and William Blair are jt bookrunners

Co intends to use net 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