Shares of Vertical Aerospace (EVTL) soared over 27% on Wednesday after the firm announced Dómhnal Slattery returned as Chairman of the board of directors with immediate effect.
Slattery previously served as Chairman from January 2022 to August 2023. He has over three decades of global aviation industry expertise.
Meanwhile, the outgoing Chairman, Stephen Welch, will continue to serve on the Board as a non-executive director.
“Vertical is leading one of the most transformative shifts in aviation history, driving the transition to zero-emissions flight. I am excited to re-join the business at such a pivotal time. We have the team, technology and vision to pioneer electric aviation and deliver on our ambition to be the world’s leading eVTOL company by the end of the decade,” Slattery said.
Vertical also highlighted that it recently strengthened its balance sheet by $180 million, securing $50 million of new committed funding.
Despite the enthusiasm on Wall Street, retail sentiment on Stocktwits trended in the ‘neutral’ territory (50/100). EVTL’s Sentiment Meter and Message Volume as of 1:51 p.m. ET on Jan. 15, 2025 | Source: Stocktwits
One Stocktwits user sounded relieved about the leadership change.
The firm recently announced that it has become only the second company in the world to achieve piloted thrustborne flight maneuvers with a full-scale vectored thrust eVTOL aircraft.
Vertical Aerospace said the milestone was achieved after the business received approval from the UK Civil Aviation Authority (CAA) to expand its Permit to Fly. This enabled the company to progress from piloted thrustborne hover to piloted thrustborne low-speed flight maneuvers at altitude.
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