Embraer’s Eve Nears Merger With Zanite SPAC

A shareholder proxy vote on the union that would take Embraer's eVTOL company public has been scheduled for May 6.

Monday, April 18, 2022 at 05:42 PM ET

Verified

While Eve Air Mobility would be publicly traded after the proposed merger, Embraer would retain approximately 80 percent of the company. [Courtesy: Eve Air Mobility]

Key Takeaways:

Zanite Acquisition Corp. (SPAC) is scheduled for a shareholder vote on May 6 to merge with Embraer's eVTOL company, Eve UAM, aiming to take Eve public under the new NYSE ticker "EVEX" by May 9.
The merger values Eve's equity at $2.9 billion and is expected to provide approximately $512 million in funding for eVTOL certification, comprised of Zanite's cash and a $305 million PIPE commitment from a diverse investor consortium.
Eve distinguishes itself in the eVTOL market through its deep connection to Embraer's aerospace expertise and a strong conditional order pipeline valued at $5 billion for 1,735 vehicles.
Eve plans to certify its four-seat, multi-rotor pusher eVTOL for urban air mobility by 2025, with commercial service beginning in 2026, and anticipates introducing autonomous, larger-capacity versions by 2030.

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Zanite Acquisition Corp. (NASDAQ: ZNTE, ZNTEU, ZNTEW), a special purpose acquisition company (SPAC), has announced a shareholder proxy vote on a planned merger with EVE UAM, Embraer’s eVTOL (NYSE: ERJ) company, that would take Eve public.

Eve and Zanite Acquisition Corp. announce filing of Definitive Proxy Statement. Read full news: https://t.co/BvCBonkOsa #mobilityreimagined #evtol #greentech #business