{
  "symbol": "EVTL",
  "company": "Vertical Aerospace Ltd.",
  "generated_at": "2026-06-24T07:36:47.492Z",
  "event_count": 2,
  "events": [
    {
      "type": "scout_dossier",
      "ts": "2026-05-28T02:33:53.587Z",
      "summary": "EVTL is an early-stage UK-domiciled eVTOL company with no revenue, massive cash burn (~$280M FCF), and a stock down ~75% from its 52-week high. The filing review reveals structural capital impairment: the company extended convertible note maturity to 2030, opened a $500M ELOC with Yorkville that will create heavy dilution, added a new $50M convertible tranche with Mudrick Capital, and Saba Capital (a major 10%+ holder) dumped 676K shares at $2.69 in April — an explicit signal of institutional exit. No insider has made open-market equity purchases; both CEO Simpson and Chairman Slattery received nil-cost options (vesting from Q2 2026), not actual share buys. The two-way piloted transition milestone in April is real but the path to certification and commercial operations stretches to 2028+. The analyst target of $10 looks disconnected from near-term fundamentals given the capital burn rate and dilution overhang.",
      "verdict": "no_anomaly",
      "confidence": 4,
      "tool_calls": 21,
      "walltime_min": 8,
      "debug_path": "dossiers/2026-05-28-EVTL.scout.debug.json"
    },
    {
      "type": "scout_dossier",
      "ts": "2026-05-08T21:28:22.124Z",
      "summary": "EVTL is a UK-based eVTOL pioneer whose Form 4 cluster consisted entirely of nil-cost option grants to executives (CEO and Chairman) — not open-market purchases, so the smart-money signal was misleading. The company achieved a world-first two-way piloted transition flight on April 14, 2026 under UK CAA Design Organisation Approval oversight, a genuine technical milestone that moved the stock from ~$2 to $7+ in mid-April before collapsing back to ~$2.81 (down ~63% from 52-week high of $7.60). The company executed an $850M comprehensive financing package in April 2026 — $50M Mudrick Capital convertible notes at a $3.50 conversion floor, $250M Yorkville preferred equity with 18% PIK dividends and a variable conversion price (floor $0.598), and a $500M Yorkville equity line at 97% of VWAP. Saba Capital Management disclosed selling 676,518 shares on April 15 at $2.69 per share (~$1.82M) while still holding ~12% of the company as of late March/early April; this is material insider selling by a major holder. The stock trades far below its IPO price and analyst targets ($10 mean), but the equity structure is riddled with toxic convertible layers that create asymmetric risk: any meaningful rally above $3.50 risks triggering conversion pressure, while the equity line adds continuous supply overhang.",
      "verdict": "no_anomaly",
      "confidence": 4,
      "tool_calls": 24,
      "walltime_min": 10,
      "debug_path": "dossiers/2026-05-08-EVTL.scout.debug.json"
    }
  ],
  "lessons": [],
  "chart_signal": {
    "ticker": "EVTL",
    "call": "SELL",
    "confidence": 5,
    "score": -9,
    "factors": {
      "below_200dma": "-2",
      "below_50dma": "-1",
      "momentum_strong_down": "-2 (-52.8%)",
      "rsi_neutral": "0 (34.9)",
      "recent_macd_bearish_cross": "-2 (12d ago)",
      "broken_below_high": "-2 (-72.3% from high)"
    },
    "summary": "SELL (score -9) · 12-1 mom -52.8% · RSI 34.9 · below_both · -72.3% from high",
    "last_close": 2.02,
    "one_month_ago_close": 2.61,
    "twelve_month_ago_close": 5.53,
    "twelve_one_momentum_pct": -52.8,
    "rsi_14": 34.9,
    "ma_stack": "below_both",
    "from_period_high_pct": -72.25,
    "period_high": 7.28,
    "price_targets": {
      "bear": 1.96,
      "fair": 4.79,
      "bull": 14.55,
      "bear_return_pct": -2.8,
      "fair_return_pct": 136.9,
      "bull_return_pct": 620.4,
      "method": "street_targets ⨯ chart_floors",
      "street": {
        "target_low": 1.9630866,
        "target_mean": 9.856858,
        "target_high": 14.551642,
        "analyst_count": 5
      }
    },
    "generated_at": "2026-06-24T07:36:47.490Z"
  }
}