06:04 PM EST, 12/23/2024 (MT Newswires) -- Vertical Aerospace ( EVTWF ) said late Monday it entered into an agreement and received shareholder approval for a transaction that includes up to $50 million in new committed funding.

The funding round is expected to close in Q1 2025.

Mudrick Capital finalized its commitment on Dec. 20, providing $25 million in upfront funding, with an additional $25 million backstop.

The company said it also completed a debt conversion on Monday, with Mudrick Capital converting $130 million of debt into equity at $2.75 apiece. The conversion price for the remaining $130 million has been fixed at $3.50 per share.

Mudrick Capital also agreed to extend the loan repayment date by two years, to December 2028, according to the company.

Additionally, Vertical Aerospace ( EVTWF ) said its shareholders voted in favor of increasing the company's authorized share capital from $110,000 to $210,000, raising the number of ordinary shares to 200 million.

Shares of Vertical were advancing nearly 10% in after-hours activity.