A developer of electric, flying taxis is set to go public in New York by merging with a blank-check, special-purpose acquisition company, or SPAC, as part of the latest wave of listings bringing more than $5 billion in enterprise value to the stock market.
Based in Bristol, England, Vertical Aerospace was founded in 2016 by energy entrepreneur Stephen Fitzpatrick. The group develops electric vertical takeoff and landing aircraft — fixed-wing planes that perform like helicopters — for urban mobility solutions such as passenger taxis, medical evacuations, and carrying cargo.
Microsoft’s MSFT, +0.25% venture capital arm, American Airlines AAL, +0.30%, Honeywell HON, -0.47%, and Rolls-Royce RR, +0.81% were among those investing in the company through the private investment in public equity offering, or PIPE, the group said. The company said it had up to 1,000 aircraft preorders valued at up to $4 billion from American Airlines and aircraft leasing company Avolon, as well as a preorder option from Virgin Atlantic.
Vertical Aerospace is one of two European technology companies that this week announced plans to go public in New York via blank-check merger, in a new wave of investments amid the cooling down of the red-hot SPAC market of 2020-21.
Future memestock material!
Lol
Yeah, but you got a 1/100 chance of dropping out of the sky.... might be worth it
thanks
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