Vertical Announces One-For-Ten Reverse Share Split
Vertical Aerospace Ltd. (“Vertical” or the “Company”) (NYSE: EVTL, EVTLW), a global aerospace and technology company pioneering electric aviation, today announced a one-for-ten (1:10) reverse share split of its issued and unissued ordinary shares (the “ordinary shares”) and preferred shares, par value $0.0001 per share (the “Reverse Share Split”).
The Reverse Share Split will become effective at 4:01 p.m. Eastern Time on September 20, 2024 (the “Effective Date”). The Company’s ordinary shares will begin trading on a split-adjusted basis when the New York Stock Exchange (“NYSE”) opens for trading on Monday, September 23, 2024 (i.e., the first trading day following the Effective Date) under the existing trading symbol “EVTL,” but the ordinary shares will trade under a new CUSIP number, G9471C206. The Company’s outstanding public warrants will continue to be traded under the symbol “EVTLW” and the CUSIP number for such public warrants will remain unchanged.
The Company obtained shareholders’ approval for the Reverse Share Split at a ratio of between 1-for-5 and 1-for-20 at the Company’s annual general meeting of the shareholders held on September 16, 2024, with the final decision of whether to proceed with the Reverse Share Split, the effective time of the Reverse Share Split, and the final reverse share split ratio to be determined by the Company’s board of directors in its sole discretion. On September 16, 2024, the Company’s board of directors approved the reverse share split ratio of 1-for-10 and the Effective Date for the Reverse Share Split.
The Reverse Share Split is intended to increase the per share trading price of the ordinary shares to enable the Company to regain compliance with the minimum share price criteria of Section 802.01C of the NYSE Listed Company Manual. As a result of the Reverse Share Split, every ten issued and unissued ordinary shares will automatically be converted into one ordinary share, and every ten preferred shares will automatically be converted into one preferred share. The Reverse Share Split will also result in a proportional decrease in the number of authorized ordinary shares and preferred shares, and a proportional increase in the par value of the ordinary shares and preferred shares, in each case in accordance with the reverse share split ratio. Upon effectiveness of the Reverse Shares Split, the Company will be authorized to issue 100,000,000 ordinary shares, par value US$0.001 per ordinary share, and 10,000,000 preferred shares, par value US$0.001 per preferred share.