Vertical Aerospace Ltd. (NYSE:EVTL) shares are trading higher premarket on Monday. The company disclosed a signed term sheet with its majority shareholder, Stephen Fitzpatrick, and primary creditor, Mudrick Capital Management.
The term sheet outlines a $50 million funding commitment from Mudrick Capital, with $25 million in upfront funding and an additional $25 million backstop, which can be reduced by third-party funding.
