Advanced Air Mobility News

Eve To List On NYSE

by Global Sky Team

Eve To List On NYSE

Eve, an independent company founded by Embraer, has entered into a definitive business combination agreement with Zanite Acquisition Corp from December 21, 2021. After closing the transaction, Eve Holding will be listed on the New York Stock Exchange (NYSE) under the new ticker symbol EVEX and EVEXW. Embraer will remain a majority stockholder, with an approximately 82% equity stake.

Additionally, not only has Embraer contributed UAM-related assets, employees, and IP to Eve, but it has further granted Eve a royalty-free license to Embraer’s background IP. Moreover, the IP can be used within the UAM market.

Eve is implied to have a $2.4 billion enterprise value. Upon closing of the transaction, Eve will have an estimated $512 million in cash, resulting in a total pro forma equity value of approximately $2.9 billion. Cash proceeds raised are expected to be used to fund operations, support growth, and for general corporate purposes. The transaction is expected to close in the second quarter of 2022.

As Francisco Gomes Neto, president and CEO of Embraer states, “We believe that the urban air mobility market has enormous potential to expand in the coming years based on an efficient, zero-emissions transport proposition and that with this business combination, Eve is very well positioned to become one of the major players in this segment.”

Kenn Ricci, Co-CEO of Zanite and Principal of Directional Aviation Capital, explains his reasoning for partnering with Eve, “we selected Eve because of its simple and certifiable eVTOL design, its capital-efficient approach to fleet operations and Embraer’s global footprint that we believe will enable Eve to not only reach vehicle type certification, but to scale its manufacturing, support, and operations globally.”

Andre Stein, Co-CEO of Eve, emphasized that “Eve was founded on a vision to accelerate the UAM ecosystem, make safe and affordable urban air transportation available to all citizens while reducing global carbon emissions. The transaction announced today with Zanite is a major milestone that will accelerate our strategic plan and support us in realizing our vision.”

Tags

Eve eVTOL

Market Intelligence + See All