UK eVTOL developer Vertical Aerospace has secured $50 million after CEO and founder Stephen Fitzpatrick committed to invest the equity capital into the company. The investment prepares the platform for further funding rounds and extends Vertical’s projected cash runway into the second quarter of 2025. Fitzpatrick will commit an initial tranche of $25 million (at $10 per share and warrants with a $5 exercise price), expected to close by March 2024. A second tranche of $25 million (to close by the end of July 2024) will be set at a price yet to be determined and potentially reduced by the

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