The deal bringing an aviation-focused SPAC into control of an urban air mobility company that has been developed underneath Embraer has officially closed as of May 9.
Zanite Acquisition Corporation has now changed its name to Eve Holding, Inc., after its shareholders approved the deal last week, and is now operating under the Eve name. Its NASDAQ listings, ZNTE, ZNTEU and ZNTEW, will now trade on the New York Stock Exchange under the symbols EVEX and EVEXW.
Shares of ZNTE were up by as much as 12% on the news as of Monday morning.
Eve describes itself as a company “benefitting from a startup mindset, backed by Embraer’s more than 50-year history of aerospace expertise, and with a singular focus, Eve is taking a holistic approach to progressing the UAM ecosystem, with an advanced eVTOL project, a comprehensive global services and support network and a unique air traffic management solution.”
Eve’s Co-CEO Andre Stein said in a statement that the company’s development plans will be aided by an ongoing strategic partnership with Embraer.
Embraer told Globalair.com that the company will continue as Eve’s main shareholder. Embraer also issued a statement about the acquisition: “The business combination is in line with the company’s innovation and growth strategy, and its consummation reinforces the company’s commitment to achieve this strategy.”
An upsized $357 million PIPE priced at $10 per share also closed on May 6, immediately prior to the closing of the transaction. A statement says includes investments of $185 million from Embraer, $25 million from Zanite’s sponsor and $147 million from a group of investors including Acciona, Azorra Aviation, BAE Systems, Bradesco BBI, Falko Regional Aircraft, Republic Airways, Rolls-Royce, SkyWest, Inc., Space Florida and Thales USA.
“The successful completion of this transaction is an important milestone,” Stein said. “The funding raised through the transaction provides Eve with growth capital and positions Eve well to execute its development plans, aided by our ongoing strategic partnership with Embraer. We intend to further strengthen our position as a leading global UAM player by delivering an effective and sustainable new mode of urban transportation.”
UPDATE: On Tuesday morning, representatives with Eve rang the opening bell on the New York Stock Exchange as the company began trading under the ticker symbols EVEX and EVEXW.
“Today, we celebrate a historic milestone in a journey that we began nearly five years ago in EmbraerX, the market accelerator of Embraer, a leader in the global aviation industry,” Stein said on Tuesday morning ahead of the market opening. “This transaction is a key enabler of our mission to become a leading player in a potential $760 billion UAM addressable market.”
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