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SPAC · Merger completed

Broadstone Acquisition Corp.

Business combination with Vertical Aerospace Group Ltd.

Broadstone Acquisition Corp. is a blank-check company (SPAC) that raised $300M in its initial public offering on Sep 14, 2020, listing on New York Stock Exchange. It completed its business combination with Vertical Aerospace Group Ltd. on Dec 16, 2021; the combined company is Vertical Aerospace Ltd. (EVTL). Wellington Pub Company led the IPO, with Punch and Deutsche Bank. Winston & Strawn advised the SPAC and Davis Polk advised the underwriters on the IPO.

Vertical Aerospace Group Ltd. is developing the VA-X4, an electric aircraft intended for urban air mobility with zero emissions and low noise. Its backers and partners include American Airlines, Avolon, Rolls-Royce and Honeywell.

Status
Merger completed
IPO date
Sep 14, 2020
IPO size
$300M
IPO exchange
New York Stock Exchange
Target
Vertical Aerospace Group Ltd.
Announced
Jun 11, 2021
Closed
Dec 16, 2021
Combined company
Vertical Aerospace Ltd. (EVTL)
IPO underwriters
Wellington Pub Company, Punch, Deutsche Bank, Chairman of Pearl, Santander, Carnegie Capital and Phoenix
SPAC counsel (IPO)
Winston & Strawn and Maples and Calder
Underwriters' counsel (IPO)
Davis Polk

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