Monitor monthly closing prices at each calendar month-end during the six-month cure period for compliance. The presence of Mudrick Capital's activist stake and $35 million convertible financing provides a potential catalyst for a reverse stock split or other price-support measures.
Price Chart
Executive Summary
Vertical Aerospace disclosed it received an NYSE non-compliance notice on September 9, 2026, because its average closing share price was below $1.00 over 30 consecutive trading days. The company has a six-month cure period to regain compliance and stated the notice does not immediately affect listing or operations. This delisting risk is partially offset by the recent activist involvement of Mudrick Capital, which has a shareholder agreement and a $35 million convertible note financing term sheet in place.
Key Facts
- NYSE notice received September 9, 2026, for non-compliance with Section 802.01C (average closing price < $1.00 over 30 trading days).
- Six-month cure period: compliance requires closing price ≥ $1.00 and 30-day average ≥ $1.00 on last trading day of any calendar month.
- Company intends to remain listed and is considering available options to regain compliance.
- Notice has no immediate impact on listing or ongoing business operations per the company.
- Cross-filing context: Mudrick Capital (activist) has a shareholder agreement (Aug 12, 2026) and a $35 million convertible note financing term sheet (Aug 5, 2026) providing financial backing.
Financial Impact
NYSE delisting risk with no stated dollar amounts; cure period is binary outcome (compliance or delisting). Mudrick Capital's $35 million convertible note and shareholder agreement provide a financial buffer but do not eliminate the delisting risk.
Risk Factors
- Failure to regain compliance within six months leads to NYSE delisting and potential transfer to OTC markets, which typically triggers further price decline.
- Potential reverse stock split or other price-support measures may be necessary, which can be dilutive if accompanied by a capital raise.
- Stock price already below $1.00; any negative news or further dilution could accelerate the decline.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-113318 |
| Document: tm2625635d1_ex99-1.htm | 0001104659-26-113318 |
| Document: 0001104659-26-113318-index-headers.html | 0001104659-26-113318 |
| Document: 0001104659-26-113318-index.html | 0001104659-26-113318 |
| Document: 0001104659-26-113318.txt | 0001104659-26-113318 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 3d ago | 6-K | $0.3950 | awaiting T+5 | — | $0.3960 (−0.25%) |
Oct 21, 2026 5d ago | 6-K | $0.4080 | awaiting T+5 | — | $0.3960 (−2.94%) |
Oct 16, 2026 10d ago | 6-K | $0.4000 $0.3850 | ▼ −3.75% | ▼ −3.32% | $0.3960 (−1.00%) |
Oct 7, 2026 19d ago | 6-K | $0.5530 $0.3620 | ▼ −34.54% | ▼ −33.56% | $0.3960 (−28.39%) |
Oct 5, 2026 21d ago | 6-K | $0.5420 $0.4898 | ▼ −9.63% | ▼ −10.05% | $0.3960 (−26.94%) |
Oct 2, 2026 23d ago | 6-K | $0.5420 $0.4898 | ▲ +9.63% | ▲ +10.05% | $0.3960 (+26.94%) |
Sep 24, 2026 4w ago | SC 13D/A | $0.7390 $0.5940 | ▼ −19.62% | ▼ −19.40% | $0.3960 (−46.41%) |
Sep 24, 2026 4w ago | 6-K | $0.6770 $0.6118 | ▼ −9.63% | ▼ −9.21% | $0.3960 (−41.51%) |
Sep 21, 2026 5w ago | 6-K | $0.6301 $0.6652 | ▲ +5.57% | ▲ +6.59% | $0.3960 (−37.15%) |
Sep 11, 2026 6w ago | 6-K | $0.5887 $0.6301 | ▲ +7.03% | ▲ +6.93% | $0.3960 (−32.73%) |
US Market Status
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