The rescue deal comes at a crucial moment for Vertical, which has been burning through cash to bring its VX4 aircraft to market.

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,

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.