Eve Announces $230 Million Equity Capital Raise & Dual Listing in the U.S. and Brazil
Eve will maintain dual public listings in the U.S. and Brazil, with U.S. shares continuing to remain listed as 'EVEX' and 'EVEXW' on the New York Stock Exchange, and under 'EVEB31' on the São Paulo Stock Exchange.
(Melbourne, Florida) Embraer (NYSE: ERJ)-backed Eve Air Mobility (NYSE: EVEX and EVEXW)) announced today that it has entered into subscription agreements with BNDESPAR, a subsidiary of the Brazilian Development Bank (BNDES), Embraer and other institutional investors to issue and sell, in a capital raise via a registered direct offering, a total of 47,422,680 shares of common stock at $4.85 per share for gross proceeds of $230 million; the total includes the subscription of Brazilian Depository Receipts (BDRs) by BNDS, which have been approved for listing on the São Paulo Stock Exchange (B3) under the symbol “EVEB31.”
Rendering of Eve Air Mobility’s electric vertical takeoff and landing aircraft in flight courtesy of Eve.
Eve will now maintain dual public listings in the United States and Brazil, with U.S. shares continuing to remain listed as EVEX and EVEXW on the New York Stock Exchange, and under EVEB31 on the São Paulo Stock Exchange, according to today’s press release from Eve.
Eve will utilize the gross proceeds from BDRs to pay for services performed in Brazil, and intends to use the remaining net proceeds from the Registered Direct Offering for general corporate purposes, including financing operations, possible business acquisitions or strategic investments, and repayment of outstanding indebtedness, according to the company.
“Eve’s dual listing in the United States and Brazil is aligned with our continuous effort to diversify our investor base, bringing new stockholders from different locations,” said Eduardo Couto, Chief Financial Officer at Eve.
Johann Bordais, Eve’s CEO, said: “This equity raise marks a significant milestone in our journey. It supports our vision and fuels our mission to transform urban mobility. We’re proud to have BNDES onboard and we deeply value Embraer’s continued commitment to Eve and our program.”
Cantor Fitzgerald & Co., Raymond James & Associates, Inc. and Banco Bradesco BBI S.A. are acting as placement agents in connection with the offering of common stock in the Registered Direct Offering; Banco Bradesco BBI S.A. is acting as financial advisor to Eve.
Shares of EVEX are down nearly 19% at $4.75 this morning as of 9.48 EDT.
** Not investment advice; neither The FLY Report nor FlyJets is a registered investment advisor.
