Why The Inventor Of The Predator Drone's Electric Aircraft Startup Is Stumbling [Forbes]
Vertical Aerospace Ltd. (EVTL)
Company Research
Source: Forbes
The legendary ‘Dronefather' Abraham Karem's company Overair is running short on money and workers are out en masse, Forbes has learned. In the early 1990s, Abraham Karem developed the Predator drone, a deadly aircraft that transformed modern warfare and birthed a market estimated to be $14 billion this year. For the past 30 years, the “dronefather” has been hard at work with Pentagon funding on his second act: technology to make more efficient, longer-flying helicopters and other rotorcraft. The 86-year-old's last, best shot at commercializing it may be Overair, his startup developing an electric air taxi for urban commuting. But things at Overair are not going well, Forbes has learned. With progress on its first prototype moving slower than promised, the Irvine, Calif.-based company is running low on capital, according to two industry figures familiar with the situation and two recently departed employees, who spoke to Forbes anonymously citing non-disclosure agreements. Meanwhi
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- Owning 70% in Vertical Aerospace Ltd. (NYSE:EVTL) means that insiders are heavily invested in the company's future [Yahoo! Finance]Yahoo! Finance
- Vertical Aerospace Announces Release of Shareholder Letter and Filing of Annual Report on Form 20-F [Yahoo! Finance]Yahoo! Finance
- Vertical Aerospace Announces Release of Shareholder Letter and Filing of Annual Report on Form 20-FBusiness Wire
- Air-Taxi Plan for Paris at Risk of Missing Olympics Deadline [BNN Bloomberg (Canada)]BNN Bloomberg
- Vertical Enters Into Investment Agreement With Founder and CEO, Stephen Fitzpatrick Committing to Provide up to $50 Million of FundingBusiness Wire
EVTL
Sec Filings
- 3/29/24 - Form SC
- 3/20/24 - Form 6-K
- 3/14/24 - Form 20-F
- EVTL's page on the SEC website