Flight Incident Reported: What's Going On With Vertical Aerospace Stock?

Vertical Aerospace Ltd. EVTL shares are trading lower Wednesday. The company reported an incident involving one of its aircraft during flight testing. Here's a look at what's going on.

What To Know:

Vertical Aerospace filed a 6-K report with the SEC on Wednesday and stated the following: "On Wednesday August 9, 2023, Vertical Aerospace Ltd.’s experimental prototype aircraft was involved in an incident during flight testing at its Flight Test Centre at Cotswold Airport, UK. The aircraft was remotely piloted and there were no injuries."

"Our flight test programme is designed to establish the limits of the aircraft’s performance, and the incident occurred during an uncrewed test of the aircraft’s maneuverability during a motor failure test scenario, which is a key requirement to progress to crewed operations. We are working closely with the relevant authorities."

Shares of EVTL are moving lower on above-average trading volume. more than 328,000 shares have been traded in the session, compared to the stock's 100-day average of 367,235 shares.

Related News: Why Upstart Holdings Stock Is Down

EVTL Price Action: According to Benzinga Pro, Vertical Aerospace shares are down by 7.5% at $1.60 at the time of publication.

Image: 51581 from Pixabay