Electric air mobility company Eve announced today that it has closed its business combination with Zanite Acquisition, following approval of the SPAC’s stockholders late Friday.
Eve Holding shares and warrants are expected to begin trading tomorrow on the NYSE under the symbols EVEX and EVEXW.
Zanite in a regulatory filing disclosed that 21,087,868 shares were redeemed ahead of the vote, wiping out 92% of the $230 million in trust from the SPAC’s November 2020 IPO. That left $19.70 million remaining in Zanite’s trust account.
An upsized $357 million PIPE also closed immediately prior to the closing of the transaction. The PIPE includes investments of $185 million from Embraer, $25 million from Zanite’s sponsor and $147 million from a consortium of leading financial and strategic investors including Acciona, Azorra Aviation, BAE Systems, Bradesco BBI, Falko Regional Aircraft, Republic Airways, Rolls-Royce, SkyWest, Space Florida and Thales USA.
The PIPE alone was sufficient to cover the deal’s $350 million minimum cash closing condition. Read more.
