Charles Alcock is managing editor of the AIN Media Group, having rejoined the company in 2019. He has been an aviation journalist since 1986, and previously worked for AIN from 1990 to 2017, most recently as editor-in-chief. His main focus is on covering new aviation technology and business models, as well as international news.
Having been raised in the London area, Alcock studied at the University of Manchester in the UK and earned an honors degree in Politics and Modern History. He speaks English and French, and some German.

Managing Editor

Charles Alcock

Read the latest news about German eVTOL developer Lilium.

Shareholders in eVTOL aircraft developer Vertical Aerospace have approved a reverse stock split required to be compliant with New York Stock Exchange rules. The one-for-ten split was approved by the UK company’s board following an annual general meeting on September 16 and will take effect when Wall Street trading closes on September 20.
The move, which has been anticipated for several months with Vertical’s stock trading below the $1 mark, was confirmed the day before it published financial results for the first half of 2024. The company reported an operating loss of £20 million ($26 million) for the six months to June 30, at which point it had cash reserves of £67 million. It anticipates spending between £40 million and £45 million over the rest of 2024 as it steps up flight testing of a new full-scale prototype of the <a href="https://www.ainonline.com/aviation-news/futureflight/2024-09-12/vertical-completes-first-phase-vx4-evtol-flight-testing">four-passenger VX4 aircraft</a> it aims to bring to market in 2026.
Payments received during the second quarter included a $34 million settlement from Rolls-Royce to compensate the aircraft manufacturer for the engines group’s decision to end its contract to provide an electric propulsion unit. This happened in the wake of Rolls-Royce’s decision to sell its electrical division, leaving Vertical to find another supplier. Rolls-Royce has still not announced a buyer for the business unit.
<h2>New Investment Sought</h2>
Vertical has indicated that it is now in discussions with a new third-party investor to replenish its capital reserves. Earlier this year, it received a $25 million cash injection from Imagination Aero Investments, which is owned by Vertical's founder, Stephen Fitzpatrick. The eVTOL developer could receive another payment of the same amount if another backer can be lined up. Other income during the first half of this year came from an £8 million grant from the UK government’s Aerospace Technology Institute.
According to Vertical, it holds pre-orders for the VX4 worth $6 billion, with prospective customers including major airlines such as Virgin Atlantic, Japan Airlines, American Airlines, and Gol, as well as helicopter operator Bristow. To strengthen its management team as it progresses through the UK type certification process, the company recently appointed Martyn Ashford, a former executive with its partner Leonardo, as head of aircraft programs development.
<h2>Lilium Could Face Stock Split Too</h2>
Vertical is not the only eVTOL start-up that raised capital through a <a href="https://www.ainonline.com/aviation-news/business-aviation/2021-12-16/vertical-aerospace-makes-300m-wall-street-takeoff">Wall Street flotation</a> based on a merger with a <a href="https://www.ainonline.com/aviation-news/business-aviation/2021-03-30/830m-ipo-fund-liliums-seven-seat-evtol">special purpose acquisition company</a>&nbsp;to have seen its stock price remain sub-par. On July 11, <a href="https://www.sec.gov/Archives/edgar/data/1855756/000110465924079558/tm2419386d1_6k.htm">the Nasdaq market notified Germany-based Lilium</a> that it will need to attain a minimum bid price of $1 for at least 10 consecutive dates by Jan. 7, 2025, to maintain its listing, with a stock split being a possible resolution.
At the close of New York Stock Exchange trading on September 17, Vertical's stock price stood at $0.8055, with Lilium at $0.8479, and U.S. eVTOL manufacturers Joby and Archer at $5.26 and $3.13, respectively. In Nasdaq trading the same day, China's EHang closed at $12.34.
This story was updated early on September 18 to take account of closing share prices.
&nbsp;

Issues regarding financing of aircraft; aviation insurance; tax issues for aircraft operators; new companies and people in the aviation financing and insurance industries.

Vertical Splits Stock as eVTOL Aircraft Developer Seeks New Investment

UK eVTOL aircraft developer reports financial results for first half of 2024

Vertical Aerospace said it is in talks with a potential new investor as it expands flight testing of its four-passenger VX4 eVTOL aircraft.

2024 Corporate Aviation Leadership Summit

News and developments about airplanes, helicopters and unmanned air vehicles used in all varieties of operations, including airlines, military, business, commercial, general aviation and private.

Lilium's CFO Oliver Vogelgesang is moving to Volocopter

Volocopter Reshuffles Leadership as eVTOL Certification Slips into 2025

AmyWilder

News and issues concerning the aviation charter and fractional-ownership industries and markets, including company announcements, regulations, new developments and labor issues.

News and issues relating to business, corporate and private aviation, primarily regarding turbine-engine-powered airplanes and helicopters. Subjects include aircraft, engines, maintenance, operations, personnel, acquisitions, accidents, safety, security, and training.

Expansion of fleet will enhance service during holidays

Wheels Up Completes $332M Financing, Acquires 17 Jets

News about bills, laws, regulations and other governmental decisions affecting aviation and aerospace. Topics include FAA re-authorizations, taxes on fuel and aviation activities, environmental legislation, ICAO decisions, governmental mediation of labor conflicts and World Trade Organization disputes and decisions.

Industry group says this is the first in a series of new features for EBACE

EBAA Merges Air Ops Conference with EBACE Trade Show

News and issues relating to the aerospace industry that are related to the science, engineering and business of flight in space involving civil, industrial and military applications, and similar topics related to flight in the atmosphere of the Earth that are not covered more directly by other AINonline subject channels. In other words, both astronautical and aeronautical subjects, except for those aeronautical topics that are specifically covered elsewhere on this website.

Letter to Honeywell's board says Aerospace unit should run as a standalone business 

Fund Manager Elliott Demands Breakup of Honeywell Group

News and issues regarding all manner of civil and military rotorcraft and their powerplants, including helicopters, tilt rotors and unmanned air vehicles.

In this article

Vertical Aerospace

Lilium

More In Finance, Taxes, Insurance

Volocopter Reshuffles Leadership as eVTOL Certification Slips into 2025

Lilium's CFO Oliver Vogelgesang is moving to Volocopter

Wheels Up Completes $332M Financing, Acquires 17 Jets

Expansion of fleet will enhance service during holidays

EBAA Merges Air Ops Conference with EBACE Trade Show

Industry group says this is the first in a series of new features for EBACE

Fund Manager Elliott Demands Breakup of Honeywell Group

Letter to Honeywell's board says Aerospace unit should run as a standalone business

Blade Logs 3Q Net Loss Despite Flight Growth

Medical and passenger flight demand increased alongside revenues

Vertical Pushes Back eVTOL Certification, Says New Funding Will Come

UK company is not the only eVTOL aircraft developer facing delays in the launch of commercial operations

NetJets, FSI Post Strong 3Q Revenue Amid Rising Costs

Aviation services lead revenue gains, but earnings take a hit

Wheels Up Stabilizes as Bizjet Fleet Renewal Starts

Company's third-quarter financials have ended seven consecutive quarters of declining revenues

AIN Products

SUBSCRIPTIONS

RESOURCES

ABOUT AIN