Vertical Aerospace to go public in $2.2 billion SPAC, will get American Airways funding

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A rendering of Vertical Aerospace’s eVTOL plane.

Supply: Vertical Aerospace

Vertical Aerospace, an electrical vertical takeoff and touchdown plane (eVTOL) maker backed by buyers
reminiscent of American Airways, will go public by way of a merger with a blank-check agency in a deal valued at $2.2 billion, the corporate stated on Thursday.

Vertical Aerospace stated it has conditional pre-orders for as much as $4 billion and 1,000 eVTOL plane, from plane lessor Avolon and American Airlines, and a pre-order choice from Virgin Atlantic.

“If you concentrate on transportation strategically that is the following huge frontier,” stated Domhnal Slattery, chief government of Avolon, the world’s third-largest plane leasing firm.

Vertical Aerospace stated it has additionally raised funds from different firms together with Honeywell and Rolls-Royce.

Vertical shall be listed on the New York Inventory Alternate beneath the ticker ‘EVTL’, following a take care of Broadstone Acquisition Corp. The deal is anticipated to shut within the second half of 2021.

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