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.

UK-based Vertical Aerospace said on Monday that investor Mudrick Capital has agreed to convert 50% of its outstanding convertible debt notes to equity and extend the repayment date on the rest to December 2028,