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Embraer’s Eve Air Mobility prepares to merge with Zanite in May

Zanite Acquisition Corp., a special purpose acquisition company (SPAC) with plans to merge with eVTOL developer Eve Air Mobility, is calling on its shareholders to vote to approve the business combination next month.

Eve Air Mobility
Eve Air Mobility expects to finalize its business combination with special purpose acquisition company Zanite Acquisition Corp. next month. Eve Image

The news comes after Zanite announced it has filed a definitive proxy statement with the U.S. Securities and Exchange Commission on Wednesday, related to the company’s previously announced plan to combine with Eve.

The definitive proxy statement is an important step for the eVTOL developer to merge with Zanite and become a publicly-trade company. If shareholders approve the business combination on May 6, Zanite plans to change its name to Eve Holding Inc., and the company’s common stocks and public warrants will start trading on the New York Stock Exchange under the symbols EVEX and EVEXW, respectively.

Eve held an Investor Day event last month for Zanite shareholders to learn about its urban air mobility business model. When the companies announced the business combination in December, Eve and Zanite said the deal was expected to give Eve a pre-money valuation of around US$2.4 billion.

Eve said the merger will unlock more than a half a billion dollars in net cash, funded through a combination of Zanite’s US$237 million cash held in trust, as well as private investment in public equity (PIPE) associated with the merger. This includes the recently announced US$30 million from infrastructure company Acciona.

Eve is developing a five-seat eVTOL aircraft that it expects to get type certified in late 2025 and begin deliveries in 2026. The company is targeting a range of up to 60 miles (96 kilometers) and cruising speed of up to 125 miles per hour (201 kilometers per hour) for its aircraft.

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1 Comment

  1. This sounds like a commercial plane. You need to move it into the sports certification VS Ultralights.
    Would give you unlimited speed and distance. Just due to the Safety & ability to land anywhere in emergency.

    Think. 250 mph & 500 miles with VTOL if price
    Can come in affordable like a new car price, you will have the same problem that Tesla’s has with supplying demand. Would want one sitting next to my Tesla S.

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