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

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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 a SPAC merger with Zanite Acquisition Corp., resulting in its listing on the New York Stock Exchange as Eve Holdings Inc. (EVEX).
The transaction raised $357 million in private investment (PIPE), providing Eve with significant growth capital to fund its development plans for electric vertical takeoff and landing (eVTOL) aircraft.
Eve has secured non-binding orders for 1,735 eVTOL aircraft, valued at about $5 billion, and aims for commercial introduction in 2026.
This strategic move by Eve follows a trend among several other eVTOL competitors who have also utilized SPAC mergers to go public and raise funds for urban air mobility initiatives.

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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.