UK-based electric air taxi startup Vertical Aerospace has secured $50 million in funding from Mudrick Capital Management to reduce debt and strengthen its financial position ahead of an equity fundraising round. This comes only a month after German air-taxi developer, Lilium, filed for insolvency. Mudrick will convert half of Vertical’s $130.2 million debt into equity, gaining a 71% voting share, and extend the remaining debt maturity to December 2028. The investment includes $25 million in upfront funding and a $25 million backstop if Vertical fails to raise sufficient funds from third parties. Founder Stephen Fitzpatrick retains a board position and rights to purchase $25 million in shares. Vertical’s updated Flightpath 2030 plan delays type certification of its VX4 electric air…