Latest news for TC Energy (OTC:TNCAF) Stock

TC Energy operates natural gas, oil, and power generation assets in Canada and the United States. The firm operates more than 60,000 miles of oil and gas pipelines, more than 650 billion cubic feet of natural gas storage, and about 4,300 megawatts of electric power.

Cum Red 1st Pfd Registered Shs Series -2-

TC ENERGY CORP SER 2 PFD by TC Energy Corp.

TC Energy Corp

On CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/11/22/final-trades-deckers-electronic-arts-citigroup-and-the-inda.html">Halftime Report Final Trades</a>,&#8221; Jim Lebenthal of Cerity Partners named Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), which surged to a fresh 52-week high on Friday.
On Nov. 13, Citigroup announced a new collaboration with the Bank of Shanghai to launch a payment solution designed to simplify the payment experience for international <a href="https://www.benzinga.com/markets/equities/24/11/41943804/citigroup-partners-with-bank-of-shanghai-to-simplify-payments-for-travelers-in-china-details">travelers in China</a>.
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Rob Sechan of NewEdge Wealth named Deckers Outdoor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>), one of the strongest names in the retail space, as <a href="https://www.benzinga.com/quote/DECK/analyst-ratings">his final trade.</a>
On Nov. 22, Needham analyst Tom Nikic initiated coverage on Deckers Outdoor with a Buy rating and announced a price target of $218.
Kevin Simpson of Capital Wealth Planning picked Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>) having a 23% revenue growth.
On Oct. 29, Electronic Arts reported second-quarter results. The company reported net revenue of $2.025 billion, missing the consensus of $2.037 billion. EPS of $1.11 exceeded the estimate of 88 cents. Net bookings reached $2.079 billion, a second-quarter record that surpassed the top end of the guidance range of $2.05 billion.
Stephanie Link of Hightower Advisors picked iShares MSCI India ETF (CBOE: INDA), adding that it's her favorite place to invest around the globe outside of the US.
Price Action:
<ul>
<li>Deckers Outdoor shares gained 5.6% to close at $192.15 on Friday.</li>
<li>Electronic Arts shares fell by 0.8% to settle at $166.67 during Friday's session.</li>
<li>Citigroup shares gained by 1.3% to close at $69.84 during Friday's session.</li>
<li>iShares MSCI India ETF gained by 2% during the session.</li>
</ul>
Check This Out: 
<ul>
<li><a href="https://www.benzinga.com/24/11/42137942/jim-cramer-says-this-stock-is-a-bitcoin-play-and-he-prefers-to-own-bitcoin">Jim Cramer Says This Stock Is A Bitcoin Play And He Prefers To Own Bitcoin</a></li>
</ul>

Long Ideas

News

Markets

Media

Trading Ideas

DECK

INDA

Citigroup, Deckers Outdoor, Electronic Arts And More On CNBC's 'Final Trades'

Kroger Extends Exchange Offers And Consent Solicitations For Albertsons For Up To $7,441,608,000 Aggregate Principal Amount Of New Notes

WIIM

QUBT

Quantum Computing shares are trading higher after AWS announced Quantum Embark program.

American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) is soaring in the technical landscape after achieving the <a href="https://www.benzinga.com/topic/golden-cross">coveted Golden Cross</a>—a bullish signal that occurs when the 50-day moving average climbs above the 200-day moving average.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112524&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="628" height="490" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25080105/Screenshot-2024-11-25-at-6.06.24-PM.png" alt="" class="wp-image-663239" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25080105/Screenshot-2024-11-25-at-6.06.24-PM.png 628w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25080105/Screenshot-2024-11-25-at-6.06.24-PM-300x234.png 300w" sizes="(max-width: 628px) 100vw, 628px" /></a></figure>
<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112524&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
With the stock trading at $14.38, well above its short- and long-term moving averages, momentum indicators are pointing to a sustained bullish trend for American Airlines&#8217; stock.
Read Also: <a href="https://www.benzinga.com/general/travel/24/11/42131219/american-airlines-targets-gate-lice-with-new-boarding-tech-at-100-airports-this-holiday-season">American Airlines Targets &#8216;Gate Lice&#8217; With New Boarding Tech At 100+ Airports This Holiday Season</a>
<h2 class="wp-block-heading">AAL Stock: Strong Bullish Indicators At Play</h2>
AAL stock is not only above its five-day, 20-day and 50-day exponential moving averages but also its 200-day SMA of $12.58. This marks the stock&#8217;s trend as strongly bullish, as these averages traditionally serve as key technical support levels.
<ul>
<li>Simple Moving Averages (SMA):
<ul>
<li>eight-day SMA: $14.29 (bullish signal)</li>
<li>20-day SMA: $13.91 (bullish signal)</li>
<li>50-day SMA: $12.63 (bullish signal)</li>
</ul>
</li>
<li>Momentum Metrics:
<ul>
<li>Relative Strength Index (RSI): 63.36, hovering near overbought territory but still signaling buying interest.</li>
<li>MACD: A positive reading of 0.5 underscores further upside potential.</li>
</ul>
</li>
</ul>
<h2 class="wp-block-heading">Market Sentiment: A Double-Edged Sword</h2>
While the technicals point to clear skies, Goldman Sachs remains <a href="https://in.investing.com/news/analyst-ratings/goldman-sees-limited-upside-for-american-airlines-stock-despite-cash-flow-potential-93CH-4529519">cautious</a>. The firm recently reinstated coverage with a Neutral rating and a price target of $15, citing near-term cost headwinds from unionized labor agreements and slower recovery in corporate revenue. 
However, long-term optimism surrounds the airline's aggressive deleveraging plan and targeted profitability improvements through 2027.
<h2 class="wp-block-heading">The Bigger Picture: A Bullish Takeoff?</h2>
American Airlines' robust <a href="https://www.benzinga.com/quote/AAL/earnings">third quarter performance</a>, featuring $13.6 billion in revenue and a pretax profit of $271 million, showcases resilience in a challenging macroeconomic environment. 
Despite looming labor costs, the company's commitment to increasing premium seating capacity by 2026 highlights a strategy aimed at long-term growth.
Technical charts suggest that AAL stock has the wind beneath its wings for a continued bullish ascent. 
However, cautious optimism is warranted, as labor costs and macroeconomic challenges may create turbulence on the horizon. For now, the Golden Cross signals a green light for bulls eyeing higher altitudes.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/24/11/42076876/what-could-trumps-new-dot-pick-mean-for-evs-airlines-railroads">What Trump&#8217;s DOT Pick Could Mean For EVs, Airlines, Railroad Stocks</a></li>
</ul>
Photo: Shutterstock

Technicals

Signals

American Airlines Golden Cross Milestone: Bulls Take Control

QBTS

D-Wave Quantam shares are trading higher after AWS announced Quantum Embark program.

TN-401 AAV9-based Gene Therapy Designed to Deliver Fully Functional PKP2 Gene with the Aim of Increasing Protein Levels to Address Underlying Disease
RIDGE-1 Currently Enrolling at Six Centers; Observational Natural History and Seroprevalence Study of PKP2-associated ARVC Adults Continues Enrollment at 20 Clinical Sites in the U.S., UK and Europe
Initial Clinical Data for RIDGE-1 Anticipated in 2025

Biotech

General

TNYA

Tenaya Therapeutics Doses First Patient In RIDGE-1 Phase 1b Clinical Trial Of TN-401 For Treatment Of PKP2-Associated Arrhythmogenic Right Ventricular Cardiomyopathy

Top cryptocurrencies like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), and XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) are seeing declining bullish sentiment despite rising <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41629253/satoshi-nakamoto-could-soon-be-surpassed-by-blackrock-grayscale-as-top-bitcoin-holder">cost bases for holders</a>.
What Happened: Santiment data shows the crypto market sentiment, which had been bullish following a prolonged rally since September, cooling down, particularly for top-cap assets like Bitcoin and Ethereum.
Despite Bitcoin nearly hitting the $100,000 milestone, its recent price stagnation and social sentiment dip suggest a rise in pessimism among traders. 
This shift occurred notably after the <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41951961/bitcoin-to-100k-benzinga-readers-predict-if-btc-can-hit-new-milestone-before-end-of-2024">U.S. presidential election</a>, where euphoria peaked but faded as Bitcoin ranged around $99,800.
While Bitcoin, Ethereum and Solana show modest gains, their social sentiment has dipped. XRP, despite breaking $1.60 for the first time in years, is also facing skepticism.
Smaller altcoins like Stellar (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xlm/usd">XLM</a>), Polkadot (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/dot/usd">DOT</a>) and Celestia (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TIA</a>) are gaining attention with significant market cap and social volume increases, drawing focus away from top caps.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42160774/microstrategy-is-the-bitcoin-magnet-says-bernstein-but-not-everybodys-sold-nothing-is-free-in-finance-says-one-analyst">MicroStrategy Is The &#8216;Bitcoin Magnet,&#8217; Says Bernstein, But Not Everybody&#8217;s Sold: &#8216;Nothing Is Free In Finance,&#8217; Says One Analyst</a>
Why It Matters: IntoTheBlock <a href="https://x.com/intotheblock/status/1860974070696685992">data</a> shows that the battle for $100,000 Bitcoin continues as 458,000 addresses accumulated a significant 344,000 BTC. 
This could be a strong foundation to fuel beyond $100,000. 60,000 addresses <a href="https://x.com/intotheblock/status/1860974070696685992">acquired</a> 22,740 BTC above the current price.
Low sentiment often signals potential upside, while euphoric spikes tend to precede corrections. The crypto market's current phase reflects a temporary shift in focus rather than a long-term bearish turn.
What's Next: The Thanksgiving week slump might be setting the stage for a broader market correction, which could rejuvenate Bitcoin and other top assets. 
As Santiment <a href="https://x.com/santimentfeed/status/1860978080216498523">notes</a>, when traders overlook Bitcoin for smaller pumping altcoins, it often marks the perfect setup for BTC to make a strong comeback.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42155010/bitcoins-bull-run-betting-on-a-125k-finish-to-2024">Bitcoin&#8217;s Bull Run: Betting On A $125K Finish To 2024</a></li>
</ul>
Image: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

$DOT

$ETH

$SOL

$TIA

$XLM

$XRP

Why Bitcoin's Rally Is Stalling Below $100,000

During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a<a href="https://www.benzinga.com/yield-investments"> high dividend payout</a>.
Benzinga readers can review the latest analyst takes on their favorite stocks by visiting <a href="https://www.benzinga.com/analyst-stock-ratings">Analyst Stock Ratings</a> page. Traders can sort through Benzinga's extensive database of analyst ratings, including <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">by analyst accuracy</a>.
Below are the ratings of the most accurate analysts for three high-yielding stocks in the information technology sector.
<h3 class="wp-block-heading">Xerox Holdings Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XRX#NASDAQ">XRX</a>)</h3>
<ul>
<li>Dividend Yield: 11.06%</li>
<li>JP Morgan analyst Samik Chatterjee maintained an Underweight rating and lowered the price target from $11 to $8 on Oct. 30. This analyst has an accuracy rate of 71%.</li>
<li>Loop Capital analyst Ananda Baruah maintained a Hold rating and cut the price target from $14 to $11 on Aug. 14. This analyst has an accuracy rate of 75%.</li>
<li>Recent News: On Oct. 29, Xerox reported worse-than-expected third-quarter financial results and cut annual outlook.</li>
<li>Benzinga Pro's real-time newsfeed alerted to <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112524&amp;t=be2bearmibe3na1">latest XRX news</a>. </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112524&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="912" height="856" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25045306/image-264.png" alt="" class="wp-image-662968" style="width:719px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25045306/image-264.png 912w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25045306/image-264-300x282.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25045306/image-264-768x721.png 768w" sizes="(max-width: 912px) 100vw, 912px" /></a></figure>
<h3 class="wp-block-heading">Skyworks Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWKS#NASDAQ">SWKS</a>)</h3>
<ul>
<li>Dividend Yield: 3.28%</li>
<li>Citigroup analyst Atif Malik maintained a Sell rating and cut the price target from $83 to $72 on Nov. 13. This analyst has an accuracy rate of 82%.</li>
<li>Mizuho analyst Vijay Rakesh maintained an Outperform rating and cut the price target from $127 to $105 on Nov. 13. This analyst has an accuracy rate of 75%.</li>
<li>Recent News: On Nov. 12, the company reported adjusted EPS of $1.55, which beat the analyst consensus estimate of $1.52. Quarterly sales of $1.025 million were in line with the analyst consensus estimate.</li>
<li>Benzinga Pro's real-time newsfeed alerted to <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112524&amp;t=be2bearmibe3na1">latest SWKS news</a>. </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112524&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="783" height="791" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25045415/image-265.png" alt="" class="wp-image-662970" style="width:648px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25045415/image-265.png 783w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25045415/image-265-297x300.png 297w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25045415/image-265-768x776.png 768w" sizes="(max-width: 783px) 100vw, 783px" /></a></figure>
<h3 class="wp-block-heading">Methode Electronics, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MEI#NYSE">MEI</a>)</h3>
<ul>
<li>Dividend Yield: 5.35%</li>
<li>Jefferies analyst Saree Boroditsky initiated coverage on the stock with a Hold rating and a price target of $12 on April 9. This analyst has an accuracy rate of 62%.</li>
<li>Sidoti &amp; Co. analyst John Franzreb downgraded the stock from Buy to Neutral on March 7. This analyst has an accuracy rate of 74%.</li>
<li>Recent News: Methode Electronics will announce second quarter results on Thursday, Dec. 5.</li>
<li>Benzinga Pro&#8217;s charting tool helped identify the <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112524&amp;t=be2bearmibe3na1">trend in MEI stock</a>. </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112524&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="915" height="842" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25045456/image-266.png" alt="" class="wp-image-662971" style="width:754px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25045456/image-266.png 915w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25045456/image-266-300x276.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25045456/image-266-768x707.png 768w" sizes="(max-width: 915px) 100vw, 915px" /></a></figure>
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="How to Find Dividend Stocks: Scan, Analyze, and Capture with Benzinga Pro" width="500" height="281" src="https://www.youtube.com/embed/pVF0O2lsEH4?start=1&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
Read More: 
<ul>
<li><a href="https://www.benzinga.com/24/11/42137942/jim-cramer-says-this-stock-is-a-bitcoin-play-and-he-prefers-to-own-bitcoin">Jim Cramer Says This Stock Is A Bitcoin Play And He Prefers To Own Bitcoin</a></li>
</ul>

Price Target

Pre-Market Outlook

Analyst Ratings

SWKS

Wall Street's Most Accurate Analysts Give Their Take On 3 Tech Stocks Delivering High-Dividend Yields

GAIN

Gladstone Investment Acquires Pyrotek Special Effects; Gladstone Provided Equity And Senior Secured Debt To Complete Transaction

Looking into the current session, LKQ Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LKQ#NASDAQ">LKQ</a>) shares are trading at $38.76, after a 0.68% increase. Moreover, over the past month, the stock went up by 3.02%, but in the past year, decreased by 14.39%. Shareholders might be interested in knowing whether the stock is undervalued, even if the company is performing up to par in the current session. 

<img src="https://www.benzinga.com/files/images/story/2024/1732542306_0.png" alt="Past Year Chart" />

<h3>How Does LKQ P/E Compare to Other Companies?</h3>
The P/E ratio is used by long-term shareholders to assess the company's market performance against aggregate market data, historical earnings, and the industry at large. A lower P/E could indicate that shareholders do not expect the stock to perform better in the future or it could mean that the company is undervalued. 
LKQ has a lower P/E than the aggregate P/E of 17.29 of the Distributors industry. Ideally, one might believe that the stock might perform worse than its peers, but it's also probable that the stock is undervalued. 

<img src="https://www.benzinga.com/files/images/story/2024/1732542306_1.png" alt="Guage" />

In conclusion, the price-to-earnings ratio is a useful metric for analyzing a company's market performance, but it has its limitations. While a lower P/E can indicate that a company is undervalued, it can also suggest that shareholders do not expect future growth. Additionally, the P/E ratio should not be used in isolation, as other factors such as industry trends and business cycles can also impact a company's stock price. Therefore, investors should use the P/E ratio in conjunction with other financial metrics and qualitative analysis to make informed investment decisions.

Intraday Update

P/E Ratio Insights for LKQ

CDZI

Cadiz And Lytton Rancheria of California Sign LOI For Lytton To Invest Up To $50M In Co.'s Groundwater Banking Project In The Mojave Desert

ELAB

Elevai Labs shares are trading lower after the company announced a 1-200 reverse stock spilt to maintain its NASDAQ listing.

Under the PPA secured by VES1, VES1 shall have a first right of refusal for in the case that the off-taker wishes to expand the solar capacity at the particular site. Based on the current assessment, VES1 shall have a first right for expansion of the solar project, totalling 50MWp installation with 60MWh energy storage in 2025, and 58MWp solar project with 50MWh energy storage in 2026. These projects will significantly enhance solar and energy storage capacity in Vietnam. The agreement also grants Founder Group exclusive rights to future rooftop solar and energy storage projects in Vietnam secured by VES1 for the next three years.

Founder Group Announces Proposed Acquisition Of Majority Stake In VES 1 Joint Stock Company; To Acquire ~80% Of Shares

ALLT

Allot Limited shares are trading higher after the company announced better-than-expected financial results.

Nuveen California Dividend Advantage Municipal Fund 2

Uxin Limited shares are trading higher after the company announced it had secured a 32,000-tonne offtake agreement with Volkswagen.

IFx-2.0, a first-in-class innate immune response agonist, entering single Phase 3 accelerated approval registration trial in first half of 2025 for first line treatment of Merkel Cell Carcinoma (MCC) under Special Protocol Assessment (SPA) agreement with U.S. Food and Drug Administration (FDA)
Entered into a non-binding letter of intent with Kineta regarding a potential transaction in which TuHURA would acquire the rights to KVA12123 expanding its pipeline with a Phase 2 ready, novel VISTA inhibiting antibody
Advancing IFx-3.0, the first systemically administered tumor-targeted mRNA innate immune response agonist for aggressive B Cell Lymphoma
Early discovery programs designing first-in-class tumor microenvironment modulating bi-specific antibody drug conjugates (ADCs) or peptide drug conjugates (PDCs) targeting Myeloid Derived Suppressor Cells (MDSCs)
Company expands leadership team with key clinical and regulatory appointments to drive strategy and operational execution

HURA

TuHURA Biosciences Outlines Development Pathway For Single Phase 3 Accelerated Approval Registration Trial

Legal

ICCM

IceCure Medical Receives Notice Of Allowance From Japan Patent Office For Invention Titled 'Cryogenic System With Multiple Submerged Pumps'

HC Wainwright &amp; Co. analyst Vernon Bernardino reiterates NRX Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NRXP#NASDAQ">NRXP</a>) with a Buy and maintains $19 price target.

Reiteration

NRXP

HC Wainwright & Co. Reiterates Buy on NRX Pharmaceuticals, Maintains $19 Price Target

- Interim results indicate cognitive improvement in the active treatment group compared to placebo
- No serious adverse events or deaths reported in the trial

IGC Pharma Announces Additional Phase 2 Interim Data Highlighting IGC-AD1 For Alzheimer's Treatment

Vertical Aerospace Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVTL#NYSE">EVTL</a>) shares are trading higher premarket on Monday. The company disclosed a signed term sheet with its majority shareholder, Stephen Fitzpatrick, and primary creditor, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b42158754/vertical-aerospace-announces-50-million-in-new-funding-as-part-of-180-million-transaction-that-wil" rel="noreferrer noopener">Mudrick Capital Management</a>.
The term sheet outlines a $50 million funding commitment from Mudrick Capital, with $25 million in upfront funding and an additional $25 million backstop, which can be reduced by third-party funding.
Stephen Fitzpatrick also has the option to invest an additional $25 million on the same terms.
This funding is expected to support the company&#8217;s Flightpath 2030 Strategy, aimed at positioning Vertical as a global leader in the eVTOL market by the decade&#8217;s end, including the ongoing development and certification of the VX4.
As part of the agreement, Vertical Aerospace&#8217;s founder, Stephen Fitzpatrick, will stay on the board to provide ongoing strategic direction as the company advances through its certification program.
To strengthen its balance sheet, the company will convert approximately&nbsp;$130 million&nbsp;of convertible notes (50%&nbsp;of the outstanding amount) into equity at&nbsp;$2.75&nbsp;per share, significantly reducing debt.
The conversion price for the remaining convertible notes is set at $3.50 per share, which supports future fundraising.
The repayment date for the remaining loan has been extended to December 2028, providing additional security during Vertical&#8217;s certification process.
Stuart Simpson, CEO of Vertical Aerospace, said, &#8220;This funding agreement underscores the strong confidence of our investors in our Flightpath 2030 Strategy and our ambition to lead the global eVTOL market.&#8221;
&#8220;By addressing our more immediate capital needs and positioning us well to secure funding for the long-term, we can focus on advancing our piloted flight test programme and bringing the VX4 to market.&#8221;
Price Action: EVTL shares are up 7.31% at $5.14 premarket at the last check Monday.
Photo via Midjourney
Read Next:
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<li><a href="https://www.benzinga.com//node/42158580" target="_blank" rel="noreferrer noopener">How Tim Cook&#8217;s Strategy To Win Over Trump Gave Apple A Competitive Edge, And Why Sundar Pichai, Mark Zuckerberg And Others Might Be Following His Playbook</a></li>
</ul>

Equities

Financing

Contracts

Small Cap

Movers

EVTL

Vertical Aerospace Soars: $50 Million Funding Boost And Debt Conversion Propel eVTOL Maker Forward

TC Energy Corporation 2024 Q2 - Results - Earnings Call Presentation

ClearBridge Energy MLP Strategy Q2 2024 Commentary

The Dividends Don't Matter In Retirement, Even Big Ones

Where Energy And Tech Meet; Oil & Gas Fundamentals With Jennifer Warren

MLPX: Providing Flowing Opportunities In Energy Infrastructure And Midstream Activity

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