Mudrick Capital Registers 168M Shares for Resale After Conversion Price Cut to $1.30
EVTL is trading near its 52-week low of $0.57 (3.9% above the low).
Summary
Vertical Aerospace registered 168.2 million shares for resale by Mudrick Capital, making tradable the shares issuable after the conversion price on its notes was cut from $3.50 to $1.30. The company gets no proceeds; the overhang is roughly equal to the current outstanding share count.
Key Events · Financing and Capital Events · EVTL
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168M Share Resale Registration
Mudrick Capital registered 168,169,971 ordinary shares for resale — 63,900,370 Step Down Conversion Shares and 104,269,601 Step Down PIK Shares — all issuable after the August 12 conversion price cut from $3.50 to $1.30.
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Massive Dilution Overhang
The 168.2M registered shares compare to 171.7M shares outstanding as of August 10, 2026 — a potential near-doubling of the float if Mudrick sells everything. The company receives zero proceeds from any sales.
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Additional Prior Registrations
Mudrick can also sell 98,721,134 previously registered conversion shares and 47,236,889 previously registered PIK shares under other resale registration statements, compounding the total overhang.
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Going Concern Context
The prospectus incorporates by reference the going-concern warning from the 2025 annual report and the H1 2026 results, meaning this resale registration sits on top of an already distressed capital structure.
Analysis · EVTL · Manufacturing
This prospectus registers 168.2 million ordinary shares for resale by Mudrick Capital — the shares issuable after the August 12 Step Down Amendment cut the conversion price on Vertical's convertible notes from $3.50 to $1.30. The registration makes the overhang tradable: Mudrick can now sell up to 63.9 million conversion shares plus up to 104.3 million PIK interest shares into the market. Against 171.7 million shares outstanding, this is a massive potential supply increase. The company receives no proceeds — all sales benefit Mudrick. With the stock at $0.59, near its 52-week low, and a going-concern warning already on file, this registration removes the last barrier to a major holder liquidating a position roughly equal to the entire current float.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 35.7% of the 1872 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.01%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, EVTL was trading at $0.59 on NYSE in the Manufacturing sector, with a market capitalization of approximately $102.7M. The 52-week trading range was $0.57 to $7.33. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.