Vertical Aerospace is ready for takeoff.
The British electric-aircraft company made its public debut on the New York Stock Exchange Thursday, trading under the ticker symbol EVTL.
Vertical merged with Broadstone Acquisition Corp., a $2.2 billion special purpose acquisition company, or SPAC.
The stock began trading when the market opened at 9:30 a.m. ET Thursday at $10.75 per share. By midday Friday, it was trading at around $12 a share.
“This listing is a landmark moment for Vertical Aerospace. We have global leaders in aviation as partners and a world-class team that can make zero emissions flight a reality for millions of people around the world,” Vertical CEO and founder Stephen Fitzpatrick said in a written statement.
Vertical, whose investors include investors include Avolon, American Airlines, Honeywell, Microsoft’s M12, and Rolls-Royce, says it has conditional pre-orders for up to 1,350 for its electric vertical take-off and landing aircrafts, better known in the industry as eVOTLs, from companies, like American Airlines, Virgin Atlantic, and Iberojet.
In August, flying taxi company Joby, headquartered in Santa Cruz, California, started trading on the NYSE, also through a SPAC.