Embraer’s Eve eVTOL Spinoff To Begin Trading Tuesday

Following in the footsteps of several air taxi competitors, Brazil’s Embraer (NYSE: ERJ) announced Monday it has spun off its Eve Urban Air Mobility electric vertical takeoff and landing arm through a merger with a special purpose acquisition corporation (SPAC).

Thom Patterson

Monday, May 09, 2022 at 12:30 PM ET

Verified

Eve’s air taxi design has been tested in computer flight simulations. [Courtesy: Eve]

Key Takeaways:

Embraer's Eve Urban Air Mobility (UAM) successfully completed its SPAC merger with Zanite Acquisition Corp., leading to Eve Holdings Inc. being listed on the New York Stock Exchange under the symbol EVEX.
The merger raised $357 million in private investment (PIPE) to fund the development and commercialization of Eve's electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility.
Eve has secured non-binding orders for 1,735 eVTOL aircraft, valued at approximately $5 billion, with commercial introduction planned for 2026.

See a mistake? Contact us.

Following in the footsteps of several air taxi competitors, Brazil’s Embraer (NYSE: ERJ) announced Monday it has successfully used a special purpose acquisition corporation (SPAC) merger to spin off its Eve Urban Air Mobility (UAM) electric vertical takeoff and landing (eVTOL) company.

Zanite Acquisition Corp. shareholders approved the merger Friday. Common stock for the newly named Eve Holdings Inc. will be listed on the New York Stock Exchange on Tuesday under the symbol EVEX. The company’s public warrants will be traded as EVEXW.