Shares of Brazilian planemaker Embraer SA soared on Tuesday after the company said it had agreed to combine its electric aircraft subsidiary Eve with Zanite SPAC and list it on the New York Stock Exchange.
After the transactions, Eve, listed on NYSE under the ticker EVEX, will have a $512 million cash position that will be used to develop its flying taxi. The firm is expected to start trading in the second quarter of 2022, after the closing of the deal with Zanite.Eve already has an order pipeline of more than $5 billion. Among the customers with pre-orders are lessors, helicopter operators and ride-sharing companies.
Skywest, part of the same investor group, ordered 100 electric aircraft looking to develop a regional chain in the U.S., while BAE Systems will work with Eve to explore the development of its eVTOLs for the defense market.Embraer will own more than 80% of Eve after the SPAC combination and additional investment from the group.
The production phase will probably be funded by debt, said Eve's co-CEO Jerry DeMuro, former BAE Systems CEO. Eve's other co-CEO is Andre Stein, an Embraer executive for two decades.
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(OFFICIAL) Embraer flying taxi unit Eve, valued at $2.9 bln, to list on NYSEBrazilian planemaker Embraer SA has agreed to combine its electric aircraft subsidiary Eve with Zanite SPAC and list it on NYSE, the companies said on Tuesday.
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