- New capital financing includes equity injection
participation from large strategic industrial companies and
diversified investors
- Net proceeds, along with existing cash and long-term credit
lines, position company for future success
MELBOURNE, Fla., July 1, 2024
/PRNewswire/ -- Eve Air Mobility ("Eve") (NYSE: EVEX; EVEXW),
a global electric vertical take-off and landing (eVTOL) aircraft
manufacturer and services provider, has announced $94M in new equity financing from multiple
investors. The funding, which includes the issuance of new shares
of common stock and warrants, includes participation from a diverse
group of global industrial companies that include Embraer, Nidec
and additional financial investors. The new funding strongly
positions the company for future success and will support the
continued development and manufacturing of the company's eVTOL.
"We appreciate the confidence that these investors are placing
in Eve. The new equity, along with existing cash and credit lines,
ensures Eve is well positioned as we continue to build momentum and
advance in the development and manufacturing of our eVTOL," said
Eduardo Couto, chief financial
officer at Eve Air Mobility. "With the industry's largest pre-order
book with letters of intent for 2,900 aircraft and strong program
development partners, Eve has continued to demonstrate the
opportunity that our company presents for both strategic and
financial investors."
The Company entered into agreements, dated as of June 28, 2024, for the issuance and sale of
23,500,000 new shares of the Company's common stock at a purchase
price of $4.00 per share, the
exchange of certain warrants for shares of common stock, and the
granting of warrants to certain investors. The private placement is
expected to result in gross proceeds to Eve of $94 million, before deducting other offering
expenses.
The equity funding is expected to close over the coming weeks,
subject to the satisfaction of customary closing conditions.
Additional details regarding the equity funding is included in a
Form 8-K filed by Eve with the Securities and Exchange Commission
("SEC").
Eve's eVTOL aircraft utilizes eight dedicated propellers for
vertical flight and fixed wings to fly in cruise, with no change in
the position of these components during flight. The concept
includes an electric pusher powered by dual electric motors that
provide propulsion redundancy with the goal of ensuring the highest
levels of performance and safety. While offering numerous
advantages including lower cost of operation, fewer parts,
optimized structures and systems, it has been developed to offer
efficient thrust with low noise.
The company is completing assembly of its first full-scale eVTOL
prototype which will be followed by a test campaign. Concurrently,
Eve continues to develop a comprehensive portfolio of agnostic
services and operations solutions, including Vector, a unique Urban
Air Traffic Management software to optimize and scale Advanced Air
Mobility operations worldwide.
The Company has engaged Bradesco BBI as its exclusive financial
advisor and Skadden, Arps, Slate, Meagher & Flom as its legal
advisor.
The securities being sold in the equity financing have not been
registered under the Securities Act of 1933, as amended, or state
securities laws and may not be offered or sold in the United States absent registration with the
SEC or an applicable exemption from such registration
requirements. The Company has agreed to file a registration
statement with the SEC covering the resale of the Shares and the
shares underlying the Warrants issuable in connection with the
Private Placement.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities.
Image:
https://eve.imagerelay.com/share/716f968f68a64c62894a7afc3ff7df22
About Eve
Eve is dedicated to accelerating the Urban Air Mobility
ecosystem. Benefitting from a start-up mindset, backed by Embraer
S.A.'s more than 50-year history of aerospace expertise, and with a
singular focus, Eve is taking a holistic approach to progressing
the UAM ecosystem, with an advanced eVTOL project, a comprehensive
global services and support network and a unique air traffic
management solution. Since May 10,
2022, Eve has been listed on the New York Stock Exchange,
where its shares of common stock and public warrants trade under
the tickers "EVEX" and "EVEXW." For more information, please visit
www.eveairmobility.com.
Contacts:
Media: media@eveairmobility.com
Investors: investors@eveairmobility.com
Forward-Looking Statement Disclosure
Certain statements contained in this release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements may be
identified by words such as "may," "will," "expect," "intend,"
"anticipate," "believe," "estimate," "plan," "project," "could,"
"should," "would," "continue," "seek," "target," "guidance,"
"outlook," "if current trends continue," "optimistic," "forecast"
and other similar words or expressions. All statements, other than
statements of historical facts, are forward-looking statements,
including, but not limited to, statements about the company's
plans, objectives, expectations, outlooks, projections, intentions,
estimates, and other statements of future events or conditions,
including with respect to all companies or entities named within.
These forward-looking statements are based on the company's current
objectives, beliefs and expectations, and they are subject to
significant risks and uncertainties that may cause actual results
and financial position and timing of certain events to differ
materially from the information in the forward-looking statements.
These risks and uncertainties include, but are not limited to,
those set forth herein as well as in Part I, Item 1A. Risk Factors
and Part II, Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations of the company's most
recent Annual Report on Form 10-K, Part I, Item 2. Management's
Discussion and Analysis of Financial Condition and Results of
Operations and Part II, Item 1A. Risk Factors of the company's most
recent Quarterly Report on Form 10-Q, and other risks and
uncertainties listed from time to time in the company's other
filings with the Securities and Exchange Commission. Additionally,
there may be other factors of which the company is not currently
aware that may affect matters discussed in the forward-looking
statements and may also cause actual results to differ materially
from those discussed. The company does not assume any obligation to
publicly update or supplement any forward-looking statement to
reflect actual results, changes in assumptions or changes in other
factors affecting these forward-looking statements. other than as
required by law. Any forward-looking statements speak only as of
the date hereof or as of the dates indicated in the statement.
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SOURCE Eve Holding, Inc.
