01:49 PM EDT, 09/04/2024 (MT Newswires) -- Vertical Aerospace ( EVTL ) is in talks with financiers and creditors for alternative funding after its founder Stephen Fitzpatrick missed an Aug. 14 deadline for his second tranche of equity investment, Bloomberg reported Wednesday, citing people familiar with the matter.

The air taxi startup had $84 million in cash and cash equivalents at the end of June, according to a regulatory filing in August.

Without additional funds, the company's coffers could empty by March 2025, Bloomberg said.

Fitzpatrick had committed to invest up to $50 million in the business in exchange for additional shares and warrants, with the first tranche of $25 million completed in March. The second tranche was due on Aug. 14.

Vertical Aerospace ( EVTL ) did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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