Vertical Aerospace went public as EVTL. Here’s what you need to know

Vertical Aerospace is ready to take off.

The British electric aircraft company made its public debut on the New York Stock Exchange on Thursday, trading under the ticker symbol EVTL.

Vertical merged with Broadstone Acquisition Corp., a $2.2 billion special purpose company, or SPAC.

The stock began trading when the market opened at 9:30 a.m. ET Thursday at $10.75 per share. On Friday afternoon, it was trading at about $12 a share.

“This listing is a milestone for Vertical Aerospace. We have global aviation leaders as partners and a world-class team that can enable zero-emissions flight for millions of people around the world,” Vertical CEO and Founder Stephen Fitzpatrick said in a written statement.

Vertical, which includes investors such as Avolon, American Airlines, Honeywell, Microsoft’s M12 and Rolls-Royce, says it has conditional pre-orders for up to 1,350 for its electric vertical take-off and landing aircraft, better known in the industry as eVOTLs, from companies such as American Airlines, Virgin Atlantic and Iberojet.

In August, flying taxi company Joby, headquartered in Santa Cruz, California, began trading on the NYSE, also through a SPAC.