Vertical Aerospace, a global aerospace and technology company, signed a term sheet among the company, its majority shareholder and founder Stephen Fitzpatrick and its primary creditor Mudrick Capital Management.

Vertical Aerospace has unveiled a new provisional funding agreement involving a $130 million debt-to-equity swap and the provision of up to $50 million from primary creditor Mudrick Capital. Mudrick Capital is committing $25 million up-front,

Flying taxi startup Vertical Aerospace Ltd. said it had secured as much as $50 million in new funding from Mudrick Capital Management, giving it financial breathing room to test and certify its first model.

By Abhijith Ganapavaram (Reuters) -UK-based Vertical Aerospace and Mudrick Capital have signed a non-binding term sheet under which the investor will convert half of its outstanding convertible debt to equity and extend the repayment date on the remainder to December 2028,