Embraer's Eve UAM Closes Merger 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 closed a business combination with Zanite Acquisition Corp. (NASDAQ: ZNTE).
In connection with the Closing, Embraer Aircraft Holding, Inc., a subsidiary of the Company contributed all of the Eve limited liability company interests held by it to Zanite in exchange for 220m shares of Zanite common stock and Zanite changed its corporate name to Eve Holding, Inc.
EAH also completed a cash investment of USD 185m into Eve Holding substantially concurrently with the Closing in exchange for an additional 18.5m shares of Eve common stock.
Eve Holding's common stock and public warrants now trade on the New York Stock Exchange under the tickers "EVEX" and "EVEXW," respectively.
As of the closing, EAH holds 238.5m shares of Eve Holding's common stock, representing approximately 90% of the outstanding shares of Eve Holding common stock.
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.
Last 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...
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