Vertical Aerospace to go public in $2.2 billion SPAC deal

10 Jun 2021

Vertical Aerospace to go public in $2.2 billion SPAC deal

. An American Airlines Airbus A321-200 plane takes off from Los Angeles International airport (LAX) in Los Angeles, California, U.S. March 28, 2018. /Mike Blake -Vertical Aerospace, an electric vertical takeoff and landing aircraft (eVTOL) maker backed by investors such as American Airlines (NASDAQ:AAL), will go public through a merger with a blank-check firm in a deal valued at $2.2 billion, the company said on Thursday. Vertical Aerospace said it has conditional pre-orders for up to $4 billion and 1,000 eVTOL aircraft, from aircraft lessor Avolon and American Airlines, and a pre-order option from Virgin Atlantic. "If you think about transportation strategically this is the next big frontier," said Domhnal Slattery, chief executive of Avolon, the world's third-largest aircraft leasing company. Vertical Aerospace said it has also raised funds from other companies including Honeywell (NASDAQ:HON) and Rolls-Royce (OTC:RYCEY). Vertical will be listed on the New York Stock Exchange under the ticker 'EVTL', following a deal with Broadstone Acquisition Corp. The deal is expected to close in the second half of 2021.

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