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, spinning off its electric vertical takeoff and landing (eVTOL) company, which will now trade on the NYSE as EVEX.
The merger raised $357 million in private investment, providing Eve with growth capital to execute its development plans for urban air mobility solutions.
Eve has secured non-binding orders for 1,735 eVTOL aircraft, valued at approximately $5 billion, with commercial introduction of its pilot-plus-four-passenger aircraft planned for 2026.
This move follows a trend among several other eVTOL competitors who have also utilized SPAC mergers to go public and accelerate funding for their zero-emission urban air transport 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.