Sensei’s Insights – Vertical Dilution + New Director, EHang Africa Flight & Gabelli Defense Conference | Saturday LIVE eVTOL Show with Vaz

Vertical Aerospace Offering, EHang’s First Flight in Africa, BETA Technologies – GE $300M Investment, Defence Conference LIVE on MLI, New Horizon Aircraft — and Much More with Vaz

✈️ Vertical Aerospace Files $100M ATM Offering

Vertical Aerospace Ltd. ($EVTL) has filed a prospectus supplement with the SEC to raise up to $100 million through an at-the-market (ATM) equity program with Jefferies LLC as sales agent.

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🔑 Key Highlights

• Ticker: $EVTL (NYSE)

• Share price (Sept 4, 2025): $4.51

• Size of offering: Up to $100M in ordinary shares

• Mechanism: ATM program (shares sold gradually on the market)

• Agent fee: Jefferies to earn up to 3% commission

• Shares outstanding impact: Potential increase from ~98.5M to ~119.1M if fully executed

💰 Use of Proceeds

Vertical intends to allocate net proceeds to:

• R&D expenses for the VX4 and hybrid-electric aircraft

• Testing and certification capacity expansion

• Working capital & general corporate purposes

⚠️ Risk Factors

• Dilution: New investors could see $5.51 per share immediate dilution based on adjusted book value.

• Going Concern Warning: Company had ~£62M in cash (June 30, 2025) and continues to post heavy losses. Ongoing survival depends on raising additional funds.

• Future Dilution Possible: With 39M+ convertible notes and 22M+ warrants outstanding, further dilution is likely.

🆕 Recent Developments

• $69M raised in July 2025 via public offering ($5.00/share).

• Board strengthened: Patrick Ky (ex-EASA Executive Director) appointed as director in September 2025.

• Flightpath 2030 strategy: On track with VX4 certification efforts, though heavy reliance on capital markets remains.

📊 Investor Implications

• This ATM offering signals urgent funding needs as Vertical advances certification.

• Positive: Flexible fundraising, regulatory leadership added, continued R&D momentum.

• Negative: Heavy dilution pressure, recurring losses, and clear disclosure of going-concern risk.

• Bottom line: Investors face a trade-off—exposure to long-term VX4 upside vs. near-term equity dilution and financial fragility.

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🛩 Vertical Aerospace Appoints Former EASA Chief Patrick Ky

Vertical Aerospace has announced the appointment of Patrick Ky, former Executive Director of the European Union Aviation Safety Agency (EASA), to its Board of Directors effective September 1, 2025.

• Ky led EASA from 2013 to 2023, transforming the agency into a global benchmark for safety and innovation.

• He spearheaded the creation of the world’s first SC-VTOL eVTOL regulatory framework in 2019.

• Oversaw certification and safety decisions for programs including the Boeing 777X, Airbus A321XLR, and the Boeing 737 MAX return to service.

📜 Strengthening Certification Pathways

Vertical is targeting 2028 certification for its VX4 eVTOL with both the UK CAA and EASA. Ky’s appointment adds heavyweight credibility to this mission.

• He joins existing regulatory veterans:

  • Trevor Woods – former EASA Certification Director, now Vertical’s Regulatory Affairs Director.

  • Eamonn Brennan – former Eurocontrol Director-General, now Board Advisor.

• This team strengthens Vertical’s position as one of the best-connected companies in terms of regulatory oversight and safety expertise.

• For investors, this signals reduced certification risk and improved exportability for the VX4 in global markets.

🌐 Global Aviation Leadership

Patrick Ky’s influence extends beyond EASA.

• Previously held senior positions at SESAR, Eurocontrol, and the DGAC (France’s Civil Aviation Authority).

• Currently serves as CEO of the International Centre for Aviation Innovation (ICAI).

• Vertical’s Chairman Domhnal Slattery called him “one of the most respected voices in aviation regulation and safety worldwide.”

His appointment underscores Vertical’s strategy: build credibility with regulators, accelerate certification timelines, and reinforce investor confidence as it pushes toward its Flightpath 2030 roadmap.

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✈️ Gabelli Aerospace & Defense Conference – LIVE on Martyn Lucas Investor

The Gabelli Aerospace & Defense Conference is one of Wall Street’s premier annual gatherings for aerospace, aviation, and defense investors. Hosted by Gabelli Funds, it brings together management teams from leading listed companies to present their strategies, financials, and market outlooks directly to institutional investors. The event acts as both a discovery platform for high-growth innovators and a pulse check on established defense and aerospace suppliers.

This year’s guest list reads like a who’s who of aerospace and defense:

• Textron ($TXT) – parent of Bell Helicopter, Cessna, Beechcraft, and eAviation

• Moog ($MOG.A) – precision controls for aerospace and defense, with past eVTOL involvement

• HEICO ($HEI) – one of the largest independent aviation parts & systems suppliers

• Elbit Systems ($ESLT) – Israeli defense electronics leader

• Curtiss-Wright ($CW) – advanced engineered defense solutions

• Rheinmetall ($RHM-XE) – German defense prime, rising on European rearmament

• StandardAero, Albany International, Ducommun, Astronics, Graham Corp. – a diverse mix of suppliers

Alongside these industry stalwarts are emerging players pushing the frontiers of aerospace and advanced air mobility. Below, we spotlight four names that stood out for innovation, market positioning, and investor interest.

🛰️ Redwire – Building Factories in Space ($RDW)