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  "documentTitle": "Vertical Aerospace | SPAC Presentation Deck | 51 slides",
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  "authorName": "Vertical Aerospace",
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  "presentationDate": "2021-06-01 00:00:00",
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  "pageNumber": 47,
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  "notes": "This slide details a SPAC business combination between Broadstone Acquisition Corp. and Vertical Aerospace.",
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      "text": "ILLUSTRATIVE PRO-FORMA OWNERSHIP AT CLOSE: Existing Holders 72%, American Airlines 5%, Avolon 4%, SPAC Public Holders 14%, PIPE Holders 2%, Broadstone Equity 3%",
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      "text": "04/06/2021. 1. Additional Vertical earn-out shares are issued but subject to restrictions... 6. Assumes no redemptions by public SPAC holders. 5. Existing holders includes Vertical Aerospace management, MI2 and Rocket Internet. 6. Avolon and American Airlines stakes include PIPE investment. PIPE Holders stake excludes Avolon and American Airlines PIPE investments.",
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      "text": "Pre-money equity value of $1.75bn; Implied pro-forma enterprise value of $1.84bn; Broadstone Acquisition Corp. and Vertical Aerospace to enter into a business combination; Broadstone to receive 7.6m founder shares upon close; Vertical Aerospace to receive additional 35m shares, released in equal parts upon share price reaching $15 and $20 post-close; American Airlines receive 8.75m initial shares and invests $25m in the PIPE receiving a further 2.5m shares; Avolon receive 6.38m initial shares and invests $15m in the PIPE receiving a further 1.5m shares; Virgin Atlantic receive 2.265m warrant shares with a $10.00 strike price; Stephen Fitzpatrick and Broadstone to invest $5m each in the PIPE receiving a further 0.5m shares each",
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      "text": "SOURCES: Broadstone Cash Held in Trust $305, PIPE $89, Broadstone Equity $76, Existing Shareholder Equity $1,750, Total Sources $2,221. USES: Net Cash Proceeds to Vertical $344, Broadstone Equity $76, Existing Shareholder Equity $1,750, Estimated Transaction Expenses $50, Total Uses $2,222",
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      "text": "PRO-FORMA VALUATION: Share Price $10, Pro-Forma Shares Outstanding 222.1, Equity Value $2,221, Debt $0, Existing Cash on Balance Sheet ($32), Net Cash Proceeds ($344), Enterprise Value $1,845",
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      "kind": "title",
      "text": "OVERVIEW OF TRANSACTION",
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      "evidence": "table/data: SOURCES: Broadstone Cash Held in Trust $305, PIPE $89, Broadstone Equity $76, Existing Shareholder Equity $1,750, Total Sources $2,221. USES: Net Cash Proceeds to Vertical $344, Broadstone Equity $76, Existin",
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