Broadstone Acquisition filed its definitive proxy statement/prospectus with the SEC on its proposed merger with flying taxi startup Vertical Aerospace and set a Dec. 14 meeting for shareholder to vote on the deal.
The combined company would have a pro forma equity value of approximately $2.2 billion.
If approved, Vertical will list on the NYSE under EVTL.
As announced in June, the transaction is expected to result in gross proceeds of $394 million, including PIPE investments from American Airlines, Avolon, Honeywell and Rolls-Royce. Microsoft’s M12, 40 North and Rocket Internet SE have also invested in the business. Broadstone raised $300 million in a September 2020 IPO. The SPAC added $205 million in convertible notes and PIPE financing in October to support the deal. Read more.
