KYG9471C1078 - Common Stock
Vertical Aerospace Ltd.’s founder and majority owner is seeking to end a requirement that he choose only independent directors to the board, escalating tensions at the struggling air-taxi startup.
Air taxi startup Vertical Aerospace Ltd is exploring alternative funding in order to continue the testing and development of its first model after founder Stephen Fitzpatrick missed a previously agreed deadline to inject a portion of cash he had promised, according to people familiar with the matter.
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Vertical Aerospace just reported results for the fourth quarter of 2023.
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Vertical Aerospace Ltd. said it wants to begin flight tests of its new air taxi prototype ahead of a public display at the Farnborough Air Show this summer, setting up a tight deadline to meet the schedule as it continues to burn through cash.