Vertical agreement with Mudrick removes convert overhang, says Raymond James

Vertical Aerospace’s (EVTL) agreement with Mudrick removes Vertical’s convert overhang, improves governance, and paves the way for up to $50M in fundraising as early as the first quarter of 2025, Raymond James analyst Savanthi Syth tells investors in a research note. The deleveraging and equity commitment from Murdrick adds credibility to management’s Flightpath 2030 strategy, the analyst adds. Raymond James made no change to its Market Perform rating.