After Zanite shareholders approved the merger, Eve goes public on NYSE
Eve goes public on NYSE as the eVTOL developer becomes a publicly traded company under the ticker symbol EVEX (Eve Holding, Inc.) and EVEXW. The merger was approved on Friday by Zanite Acquisition Corp and is expected to raise $510 million for the company.
To commemorate the company’s public listing as Eve goes public on NYSE, management attended the NYSE’s opening bell ceremony which comes after a business combination between Zanite and EVE UAM, LLC, a leader in the development of next-generation Urban Air Mobility solutions and as a subsidiary of Embraer..
Together, Embraer and Eve have conducted a series of flying experiments over Rio de Janeiro in order to gather information for their electric vertical and landing takeoff aircraft. The tests were conducted using regular piloted helicopters as part of the Embraer Autonomous Systems project, also known as project “EASy”.
They also tested for normal and edge-case eVTOL scenarios and instances, such as approach and landing, climb, cruise, and take-off. Professional pilots flew the helicopters, and onboard equipment recorded data that will be utilized in future eVTOL aircrafts. For the past 20 months, Embraer and Eve have been validating the design by testing sub-scale models.
Head of Embraer’s autonomous systems,Julio Bolzani, stated that they won’t be going to full autonomy with their Eve prototypes. “Pilots will be on board the first aircraft and will also benefit from the application of these technologies through a safer and simplified vehicle operation until we reach a fully certified autonomous flight system for Urban Air Mobility,” said Bolzani.
As Eve goes public on NYSE, the company reported on May 10 that the business combination generated gross proceeds of $377 million, including $357 million in private investment in public equity (PIPE) related to the merger. Eve was expecting to receive $237 million in cash held in trust by Zanite in addition to the PIPE, leaving a $217 million deficit compared to previous forecasts.