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.
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.