Eve Air Mobility and Zanite Acquisition Corp announce filing of definitive proxy statement ahead of business merger

Eve Air Mobil­i­ty has con­firmed Zan­ite Acqui­si­tion Corp has filed its defin­i­tive proxy state­ment which is relat­ed to the com­pa­nies’ pro­posed busi­ness com­bi­na­tion which was announced last year.

The fil­ing of the Defin­i­tive Proxy State­ment is an impor­tant step to Eve becom­ing a pub­licly-trad­ed com­pa­ny. It is regard­ed to have the biggest order back­log of eVTOL air­craft, which cur­rent­ly stands at near­ly 1,800. Deliv­er­ies are expect­ed to com­mence in 2026.

When announc­ing the deal in Decem­ber 2021, Zan­ite val­ued Eve at an implied $2.4 bil­lion and will give the com­pa­ny approx­i­mate­ly $512 mil­lion in cash, result­ing in a total pro for­ma equi­ty val­ue of about $2.9 bil­lion. Cash pro­ceeds are expect­ed to be used to fund oper­a­tions, sup­port growth and for gen­er­al cor­po­rate pur­pos­es.

This will be fund­ed through a com­bi­na­tion of Zanite’s approx­i­mate­ly $237 mil­lion cash in trust and a $305 mil­lion PIPE of com­mon stock at $10 per share, com­prised of com­mit­ments of $175 mil­lion from Embraer, $25 mil­lion from Zanite’s spon­sor and $105 mil­lion from a con­sor­tium of lead­ing finan­cial and strate­gic investors.

These include Azor­ra Avi­a­tion, BAE Sys­tems, Ban­co Brade­sco, Falko Region­al Air­craft, Repub­lic Air­ways, Rolls-Royce and Sky­West.

Zan­ite will hold a spe­cial meet­ing of its stock­hold­ers at 11am ET on May 6th to approve, among oth­er things, the Busi­ness Com­bi­na­tion with Eve.

If the busi­ness com­bi­na­tion is approved by Zanite’s stock­hold­ers and all oth­er clos­ing con­di­tions are sat­is­fied, Zan­ite will change its name to ‘Eve Hold­ing, Inc.’

The com­bined company’s com­mon stock and pub­lic war­rants will begin trad­ing on the New York Stock Exchange (NYSE) under the tick­er sym­bols ‘EVEX’ and ‘EVEXW’ respec­tive­ly.

Stock­hold­ers of record as of the close of busi­ness on April 11th, will be enti­tled to receive notice of and to vote at the Spe­cial Meet­ing, which will be con­duct­ed vir­tu­al­ly via live web­cast at https://www.cstproxy.com/zaniteacquisition/2022.

Eve and Zan­ite expect the Busi­ness Com­bi­na­tion will close on May 9th, sub­ject to the approval of the Busi­ness Com­bi­na­tion by Zanite’s stock­hold­ers and the sat­is­fac­tion of oth­er cus­tom­ary clos­ing con­di­tions.

Addi­tion­al details regard­ing the Spe­cial Meet­ing and the pro­pos­als that stock­hold­ers will be asked to con­sid­er and vote upon are avail­able in the Defin­i­tive Proxy State­ment and at Zanite’s web­site, www.zaniteacquisition.com.