Vertical Aerospace Ltd. (NYSE: EVTL) announced on March 30, 2026, that it entered into an agreement in principle for a comprehensive financing package totaling up to $800 million.

The package comprises three components. Mudrick Capital Management, L.P. will provide up to $50 million in senior secured convertible notes, issued in monthly increments of up to $5 million over twelve months. The notes will mature in December 2030, extending the previous maturity date under the existing indenture dated December 16, 2021.

Yorkville Advisors Global, LP will provide a convertible preferred equity facility of up to $250 million over two years. The preferred shares will be issued in tranches of up to $25 million at 96% of face value, with at least 60 days between issuances. These shares rank senior to common shares upon liquidation but junior to the convertible notes. The preferred shares carry voting rights on an as-converted basis, subject to a 4.99% beneficial ownership limitation.

Yorkville will also provide an equity line of credit for ordinary shares worth up to $500 million over three years at 97% of the same-day volume weighted average price.

Each issuance under the Mudrick facility requires the company to maintain $50 million in liquidity and demonstrate solvency for four months following issuance. The preferred shares will not receive dividend payments initially but will accrue payment-in-kind interest at 18% annually upon certain trigger events.

Vertical Aerospace stated it intends to use the proceeds to fund research and development expenses for aircraft development, expand testing and manufacturing capabilities, support certification processes, and cover general working capital and corporate purposes.