Flying car SPAC paves pristine highway in the sky - JMAGuilford -
Flying electric vehicle company Eve on Dec. 12 said that it had agreed to merge with special-purpose acquisition company Zanite Acquisition in a deal that will take it public at an enterprise value of $2.4 billion. Eve is a subsidiary of Brazilian aircraft manufacturer Embraer, which will continue to own a majority stake after the deal.
As part of the deal, Embraer will invest $175 million in Eve, while Zanite’s sponsor will invest $25 million. Other backers including Azorra Aviation, BAE Systems and Rolls-Royce will invest a further $105 million. Other companies focusing on electric vertical take-off and landing vehicles to go public via SPAC include Archer Aviation, Joby Aviation and Lilium. All trade below the $10 a share at which their SPACs went public as of the close of trading on Dec. 21.A model of an Embraer aircraft is displayed at the China International Aviation and Aerospace Exhibition, or Airshow China, in Zhuhai, Guangdong province, China September 29, 2021.
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