Vertical Aerospace Announces Upcoming Extraordinary General Meeting
Vertical Aerospace to Hold Extraordinary General Meeting
Vertical Aerospace Ltd. (NYSE: EVTL; EVTLW), an innovative name in the global aerospace and technology sector focused on zero-emission flight, has announced its plan to conduct an Extraordinary General Meeting (EGM). The meeting is scheduled to take place at 10:00 a.m. GMT on September 30th, at the company's headquarters.
Meeting Purpose and Key Proposals
This forthcoming EGM is a direct response to a requisition submitted by a significant shareholder, Stephen Fitzpatrick, representing over 10% of the company’s outstanding ordinary shares. Fitzpatrick has requested this meeting to deliberate on several resolutions aimed at modifying the company’s Amended and Restated Memorandum and Articles of Association.
Among the proposed changes, one significant amendment would eliminate the requirement for directors, whom Mr. Fitzpatrick may appoint, to meet certain independence criteria, aside from the minimum standards set by the NYSE. Additionally, these new provisions would empower shareholders to remove any director via a written mandate, thereby enhancing shareholder influence over the board.
Communication to Shareholders
To ensure transparency, Vertical Aerospace has circulated a formal notice of the EGM to all its shareholders. This communication includes a proxy card that will allow shareholders to participate in the decision-making process regarding the proposed resolutions. The full details of this communication can be found in an exhibit submitted with the company's recent Form 6-K to the U.S. Securities and Exchange Commission.
Exploring the Company’s Innovations
Vertical Aerospace is at the forefront of creating a new era in aviation technology. With its flagship VX4 aircraft, the company aims to redefine urban air travel through electric vertical take-off and landing (eVTOL) technology. This innovative aircraft promises a ride that is not only safer but also environmentally friendly, significantly reducing operational emissions.
Strong Market Interest and Collaborations
The company boasts an impressive backlog of 1,500 pre-orders for its VX4 aircraft, valued at approximately $6 billion. This strong market interest reflects partnerships with major airlines such as Virgin Atlantic, American Airlines, Japan Airlines, GOL, and Bristow, extending the company’s influence across four continents. Vertical Aerospace has strategically aligned itself with industry leaders like GKN, Honeywell, and Leonardo, ensuring that it harnesses the best technology in aerospace innovation.
A Visionary Founder and Leadership Team
Founded in 2016 by Stephen Fitzpatrick, who also established OVO Group, Europe’s largest independent energy retailer, Vertical Aerospace is anchored in a vision of sustainable aviation. The company is headquartered in Bristol, a hub for the UK’s aerospace industry, and its leadership team is composed of seasoned professionals from top automotive and aerospace firms, including Rolls-Royce, Airbus, and GM.
Frequently Asked Questions
What is the purpose of Vertical Aerospace's EGM?
The EGM is intended to discuss proposed amendments to the company’s governing documents, allowing for more shareholder control over board governance.
When is the Extraordinary General Meeting scheduled?
The EGM is set for 10:00 a.m. GMT on September 30th.
Who called for the Extraordinary General Meeting?
The meeting was requisitioned by Stephen Fitzpatrick, a significant shareholder with over 10% of outstanding shares.
What changes are being proposed regarding directors?
The proposed amendments include removing independence requirements for certain directors and allowing shareholders to remove directors by written instruction.
What is the significance of the VX4 aircraft?
The VX4 is an innovative eVTOL aircraft designed for zero-emission urban air travel, reflecting Vertical Aerospace’s commitment to sustainable aviation.
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