Aerospace & Defence

Broadstone & Vertical Aerospace to close business combination

14th December 2021
Beatrice O'Flaherty

Broadstone Acquisiton, a special purpose acquisition company announced that, subject to shareholder approval and the satisfaction or waiver of other closing conditions, it expects to complete its previously announced business combination with Vertical Aerospace ("Vertical"), raising at least $300m in gross proceeds.

Vertical's VA-X4 aircraft is a four passenger, one pilot eVTOL projected to be capable of transporting a pilot and four passengers across distances of a range over 100 miles at top speeds of over 200 miles per hour, while producing minimal noise and zero operating emissions, with low cost per passenger mile.

Vertical is targeting the highest global certification for its VA-X4, which is expected to achieve the equivalent safety standard of a passenger jet by 2024 (based on the expected standards promulgated by the CAA and EASA).

The VA-X4 is expected to open up advanced air mobility to a whole new range of passengers and transform how we travel. 

Proxies received to date indicate shareholder support for all proposals to be voted on at the Extraordinary General Meeting of shareholders. However, shareholders may change or revoke their proxies prior to or at the Extraordinary General Meeting. 

Stephen Fitzpatrick, Founder and CEO of Vertical Aerospace said: "The closing of this listing will be a landmark moment for Vertical Aerospace. We have some of the industry's leaders as our partners and a world-class team that can make zero emission aviation a reality. It will be fantastic to reach this milestone and I am so proud of what the team has achieved."

Hugh Osmond, Chairman of Broadstone said: "Vertical Aerospace is revolutionising air transport and pioneering cutting-edge technologies that will change the way that people travel - and support the path towards Net Zero. We are pleased to be in a position to close this business combination and excited for the future of Vertical Aerospace."

Broadstone also announced that shareholders who have elected to redeem their shares may withdraw their redemption requests at any time until the vote in connection with the business combination at the Extraordinary General Meeting which is scheduled to be held virtually via a webcast and in New York on December 14, 2021, at 10:00 AM, New York time, at the offices of Winston & Strawn LLP, 200 Park Avenue, New York, NY 10166. Shareholders who wish to withdraw a redemption request should contact Broadstone's transfer agent, Continental Stock Transfer & Trust Company, by email here.

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