Winston & Strawn Represents Broadstone Acquisition Corp.

Winston & Strawn represented Broadstone Acquisition Corp. (“Broadstone”) (NYSE: BSN), a special purpose acquisition company, in connection with its business combination with Vertical Aerospace Ltd. (NYSE: EVTL) (“Vertical” or the “Company”), a leading UK-headquartered engineering and aeronautical business developing electric vertical take-off and landing aircraft. The transaction has resulted in Vertical becoming a publicly-traded company, with a pro forma equity value of approximately US$2.2 billion.  Following consummation of the business combination, the combined company was renamed Vertical Aerospace Ltd. and its common stock and warrants began trading on the New York Stock Exchange (“NYSE”) under the new ticker symbols “EVTL” and “EVTL WS,” respectively, on December 16, 2021. The transaction was approved by Broadstone shareholders at its Extraordinary General Meeting held on December 14, 2021.  

The business combination enables Vertical to raise approximately $300 million in gross cash proceeds from a combination of a convertible senior secured note, PIPE investors and Broadstone’s cash in trust. The proceeds raised are in excess of the $250m projected spend to take Vertical through to certification and scale production. Vertical has a pre-order book for up to 1,350 aircraft at a value of up to $5.4 billion.

Press Release: https://www.prnewswire.com/news-releases/vertical-aerospace-lists-on-nyse-following-merger-with-broadstone-acquisition-corp-301446030.html

Winston Team:

Paul Amiss, David Sakowitz, Nick Usher, Mike Blankenship, Ed Denny, Claudia Holt, Matthew Williams, Jacob Tabman, Emily Simmons, Jake White.