Embraer's Eve UAM Provides Updates Ahead of Merger Close with SPAC.
MANews-(C)2009-2022
Brazilian airframer Embraer S.A.'s Eve UAM, LLC business, a specialist in the development of next-generation Urban Air Mobility solutions, has provided a summary business update on several previously disclosed key milestones relating to its business and plans to go public through a proposed business combination with Zanite Acquisition Corp. (NASDAQ: ZNTE).
The business combination includes a previously announced USD 357.3m PIPE, inclusive of a USD 52.3m upsize, which includes commitments from strategic partners Thales, Acciona and Space Florida, as well as an increased commitment by Embraer Aircraft Holding, Inc., a direct subsidiary of Embraer.
In December, Eve announced plans to go public through the Business Combination. Upon closing of the Business Combination, Eve expects to raise a total of more than USD 500m in proceeds, assuming none of Zanite's stockholders redeem their shares, and Zanite will change its name to Eve Holding, Inc.
Eve Holding's common stock and warrants are expected to be listed on the New York Stock Exchange under the symbols "EVEX" and "EVEXW," respectively, following the closing.
Eve and Zanite previously announced the filing on April 13, 2022, of the definitive proxy statement related to the business combination.
The special meeting of Zanite's stockholders to approve the Business Combination will be held on May 6, 2022, at 11:00 a.m. eastern time.
Eve and Zanite expect that the business combination will close on May 9, 2022, subject to the approval of the business combination by Zanite's stockholders and the satisfaction of other customary closing conditions.
Zanite stockholders are encouraged to read the Definitive Proxy Statement in its entirety and to vote "FOR" all the proposals described therein.
Since the announcement of the Business Combination in December 2021, Eve's pipeline of secured launch orders via non-binding letters of intent has grown from 17 to 19 customers and from 1,735 to 1,825 vehicles.
These customers include fixed-wing operators, helicopter operators, ride-sharing platforms and leasing companies, including Azorra Aviation, Falko Regional Aircraft, Republic Airways, SkyWest, and GlobalX.
This order backlog provides important revenue visibility as the company works to achieve type certification for its electric vertical take-off and landing (eVTOL) aircraft in compliance with certain airworthiness authorities and, following certification, begin production and sales of...
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