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Vertical Aerospace to go public in $2.2 billion SPAC, gets American Airlines investment

A rendering of Vertical Aerospace’s eVTOL aircraft.

Source: Vertical Aerospace

Vertical Aerospace, an electric vertical takeoff and landing aircraft (eVTOL) maker backed by investors
such as American Airlines, 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 and Rolls-Royce.

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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