The share sale will fund the development of the vertical business jet, and an engineering collaboration brings access to manufacturing and automation expertise, streamlining production and assembly stages.

Pegasus expects to fly a full-scale unmanned hover model of its proposed vertical take-off business jet by the end of the year. Its cool-air fan technology should make it suitable for all manner of take-off sites.

Two factors support the continued upward trajectory of Pegasus' VBJ: an agreement with Callen-Lenz to collaborate on flight control systems and the appointment of an experienced pilot to coordinate test flying.