Air Taxi Start-Up Vertical Aerospace to Go Public With Funding From American Airlines, Others

Air taxi start-up Vertical Aerospace Group said late Thursday it intends to go public with nearly $400 million in new funding from a number of big-name partners who have also agreed to order up to 1,000 aircraft.

Vertical has a deal to merge with special purpose acquisition company (SPAC) Broadstone Acquisition (NYSE: BSN). The deal values the combination at about $2.2 billion and includes investments from American Airlines Group (NASDAQ: AAL), air-leasing company Avolon, and Virgin Atlantic airline, as well as an investment arm of Microsoft.

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Source Fool.com