The founder of Vermont-based BETA Technologies rang the New York Stock Exchange opening bell this morning to celebrate the company’s Initial Public Offering.
BETA Technologies is an electric aircraft design and manufacturing company based in South Burlington.
On Tuesday company founder and CEO Kyle Clark marked the company’s stock offering by ringing the exchange bell.
“It’s obviously a huge day for us down here. I got to ring the bell this morning. A large part of the team came down from Vermont and the energy is through the roof. It’s just awesome," Clark said. "And I think it’s a product of us going about this the way that BETA goes about everything in its simple and pragmatic approach. So we’re excited about this step. It certainly isn’t our last step. And it gives us the capital for the next phase of our business industrialization and further commercialization.”
Clark said BETA’s initial offering of 34 million shares at about $34 each included a priority that local supporters would receive allocations of their shares.
“Those public shares we had a really hard time over the last day determining who was going to get allocations because the demand for those shares was so high," Clark said. "We very specifically placed those 34 million shares, thereabouts, with people that are aligned with what we’re doing. And a lot of them are investors who have been here from the beginning. So there’ll be a lot of shares out there.”
BETA Board Chair Chuck Davis joined Clark at the Stock Exchange, representing the company that was founded in 2017 and now employs more than 800 people.
“I think what Kyle and Katie and BETA are doing is absolutely revolutionary. It’s the best thing to happen to Vermont since the chairlift! They’re creating tremendous jobs. They’re doing something wonderful for the environment. They’re changing the way people and goods and services and medical equipment move around the world and I was just totally blown away by what Kyle has built," Davis said. "This was his college thesis 25 years ago and battery efficiency and power just wasn’t there and now it is and here we go.”
The company will trade on the New York Stock Exchange as BETA.
