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Warrants | 6 Months Ended
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Jun. 30, 2025
Warrants |
Warrants | 13Warrants Warrant liability at fair value through profit and loss The following warrants are in issue but not exercised: ​
​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2025 | ​ | 2024
​ | ​ | No. | ​ | No.
Public Warrants |  | 15,264,935 |  | 15,264,935
Convertible Notes Warrants |  | 4,000,000 |  | 4,000,000
Outstanding, end of period |  | 19,264,935 |  | 19,264,935
​ Recorded as a liability, the following shows the change in fair value during the period ended June 30, 2025: ​
​ | ​ | ​
Change in fair value during the period |  | £ 000
December 31, 2024 |  | 434
Change in fair value |  | 324
Exchange differences on translation | ​ | (54)
June 30, 2025 |  | 704
​ The Public Warrants and Convertible Notes warrants expire on December 16, 2026, or earlier upon redemption or liquidation. Each such warrant entitles the registered holder to purchase 1/10 of one share of common stock, meaning that ten warrants must be exercised for a holder of warrants to receive one ordinary share of the Company at a price of $115.00 per share. Such warrants may only be exercised for a whole number of shares. 13Warrants (continued) Once such warrants become exercisable, the Company may redeem such warrants at a price of $0.10 per warrant if the closing price of the common stock equals or exceeds $180.00 per share for any 20 trading days within a 30-trading day period. The exercise price and number of common stock issuable upon exercise of warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger, or consolidation. Warrants will not be adjusted for issuances of common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. On December 4, 2024, the New York Stock Exchange (the “NYSE”) filed a Form 25 with the SEC, removing the Public Warrants from their listing on the NYSE. Warrants recognized within equity The following warrants (and options) are in issue but not exercised: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Warrants and options in issue |  | Warrant reserve
​ | ​ | June 30, | ​ | December 31, | ​ | June 30, | ​ | December 31,
​ | ​ | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | No. | ​ | No. | ​ | £ 000 | ​ | £ 000
Tranche A Warrants | ​ | 7,500,000 | ​ | — | ​ | 9,006 | ​ | —
Tranche B Warrants | ​ | 7,500,000 | ​ | — | ​ | 14,212 | ​ | —
SF Warrants | ​ | 50,000,000 | ​ | 50,000,000 | ​ | 3,907 | ​ | 3,907
Virgin Atlantic Warrants |  | 2,625,000 |  | 2,625,000 |  | 8,558 |  | 8,558
MWC Option |  | 2,000,000 |  | 2,000,000 |  | 1,010 |  | 1,010
Outstanding, end of period |  | 69,625,000 |  | 54,625,000 |  | 36,693 |  | 13,475
​ The public Tranche A Warrants and Tranche B Warrants were issued on January 24, 2025 in connection with the January 2025 Offering, with each such warrant exercisable for one ordinary share of the Company at an exercise price of $6.00 and $7.50 respectively. The private SF Warrants were issued on March 13, 2024 to Stephen Fitzpatrick pursuant to the SF Warrant Instrument, with 10 such warrants exercisable for one ordinary share of the Company at an exercise price of $50.00. The initial Virgin Atlantic Warrants were issued on December 16, 2021 to Virgin Atlantic pursuant to the Virgin Atlantic Warrant Instrument, with 10 such warrants exercisable for one ordinary share of the Company at an exercise price of $100.00. Additionally, on December 16, 2021, Marcus Waley-Cohen was awarded 2,000,000 private options, with 10 such options exercisable for one ordinary share of the Company at an exercise price of $115.00. These warrants and options meet the fixed-for-fixed criterion and are therefore recognised within other reserves until the point of exercise. The amount classified to other reserves on initial recognition reclassified to share capital and share premium upon exercise.

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