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Canaccord raised the firm’s price target on Vertical Aerospace (EVTL) to $16 from $15 and keeps a Buy rating on the shares. The firm noted the company announced that it has reached an agreement with its primary creditor, Mudrick Capital Management, to add $180M in capital to the company’s balance sheet, including $50M in new funding reducing pressure on Vertical as it works through its certification program in the meantime.

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Read More on EVTL:

• Vertical Aerospace rises 38.6%

• Vertical Aerospace Announces Indenture Amendments and Conversion Plan

• Vertical Aerospace announces $50M in new funding

• Vertical Aerospace Faces Delisting of Public Warrants

• Vertical Aerospace price target raised to $2 from 75c at Barclays