Vertical Aerospace Ltd. entered into a legally binding term sheet agreement and an investment agreement for equity investment with CEO, Stephen Fitzpatrick for $50 million on January 22, 2024. The company will receive $25 million in first tranche which includes a mixture of ordinary shares at $10 per share and warrants with a $5 exercise price expected to close in March 2024 and second tranche of $25 million by 31 July 2024 for ordinary shares at a price per share to be determined. The transaction is subject to approval of extraordinary general meeting of the shareholders of the company to be held on March 13, 2024.