Broadstone Acquisition Corp. (NYSE:BSN) announced this afternoon that its shareholders have approved its combination with electric vertical take-off and landing (eVTOL) aircraft-maker Vertical Aerospace in a special meeting held earlier today.
This comes as no surprise as the SPAC pre-announced its shareholder approval in a press release yesterday. However, Broadstone did not disclose redemption amounts. BSN traded below $10 throughout its redemption deadline December 10, and fell 3.44% today, closing at $8.97.
Broadstone disclosed yesterday that this deal generated gross proceeds of at least $300 million including a fully committed $94 million PIPE drawing from key strategic investors including American Airlines, Avolon, Rolls-Royce, Honeywell, Microsoft’s M12 and Kouros. The transaction will provide required capital to certify the VA-X4, develop a manufacturing facility and build out Vertical’s commercial platform and scale production.
Towards the end of October, the SPAC secured an additional $205 million in funding for the Company, including $200 million in convertible senior secured notes bought by Mudrick Capital.
Broadstone expects to close the deal on Thursday, December 16, after which the combined company is expected to trade on the New York Stock Exchange under the symbols “EVTL” and “EVTLW”, respectively.
The parties initially announced their $1.8 billion combination on June 10. Bristol, UK-based Vertical Aerospace is developing a model of eVTOL planes designed to make carbon-free air travel and urban air mobility possible.
Holders of 27,362,346 ordinary shares, $0.0001 par value, were present at today’s special meeting, representing approximately 71.69% of the voting power. For a full list of tallies and disclosures, you may click here.
ADVISORS
- Winston & Strawn LLP is serving as legal advisor to Broadstone.
- Citi is serving as advisor to Broadstone.
- Latham & Watkins LLP is serving as legal advisor to Vertical.
- Barclays is serving as lead financial advisor and lead capital markets advisor to Vertical.
- Barclays and Citi acted as joint placement agents on the PIPE.
EQV Ventures (NYSE:EQV) has entered into a definitive agreement to combine with oil & gas firm Presidio Petroleum at an enterprise value of $664 million, or 4.2x its 2025E unlevered free cash flow. Dallas-based Presidio holds a portfolio of about 2,000 oil wells that it aims to expand through the Anadarko Basin of the south-central...
FG Merger II (NASDAQ:FGMC) has entered into a definitive agreement to combine with modular construction firm BOXABL for $3.5 billion in equity consideration. BOXABL has developed designs for small homes that can be mass produced and deployed quickly and affordably. The combined company is expected to trade on the Nasdaq under the symbol “BXBL” once...
M3-Brigade VI has filed for a $300 million SPAC that might follow the earlier vehicle in its series into a transaction in the crypto space. The new SPAC is offering investors a 1/3 warrant in each unit, which is a slightly more team-friendly structure than its predecessor M3-Brigade V (NASDAQ:MBAVU) managed when it raised $287.5...
At the SPAC of Dawn Most SPACs make a handful of revisions to their S-1s before they are fully ready for an IPO. But, it is fairly rare for a SPAC to file an amended S-1 on the same day it filed its initial draft. That was the case however with New America I. New...
New America I has filed for a $300 million SPAC to bring another vehicle to the hunt with strong ties to the Trump administration. The new SPAC is offering investors a 1/2 warrant in each unit with 18 months to initially complete a business transaction. It may automatically extend this by six months if it...