Zanite (NASDAQ:ZNTE) announced this afternoon that its shareholders have voted to approve its combination with urban air mobility firm Eve in a special meeting held today.
A total of 21,087,868 shares were redeemed in connection with today’s special meeting, removing 91.686% of Zanite’s trust. As a result, there will be just $19.7 million remaining in the trust account.
The SPAC recently added $10 million to its PIPE last month through a direct wholly-owned subsidiary of Embraer (EAH). Zanite has been consistently securing financial commitments for the deal’s original $305 million PIPE since the end of December when it added $10 million through a strategic investor. Zanite then added $2.3 million to the PIPE with an additional strategic investor in mid-March, and $30 million just a week later.
This brought the total PIPE proceeds to $357.3 million, which is enough to fulfill the deal’s $350 million minimum cash closing condition. The original PIPE is made up of a $175 million investment by Embraer as well as $25 million from Zanite’s sponsor and a further $105 million from strategic investors Azorra Aviation, BAE Systems (LON:BAES), Bradesco BBI, Falko Regional Aircraft, Republic Airways, Rolls-Royce (LON:RR), and SkyWest (NASDAQ:SKYW).
Zanite expects to close the transaction on Monday, May 9, 2022. The combined company’s common stock and warrants are expected to begin trading on the New York Stock Exchange under the symbols “EVEX” and “EVEXW,” respectively, on Tuesday, May 10, 2022.
The parties initially announced their $2.4 billion combination on December 21, 2021. Florida-based Eve is the electric vertical takeoff and landing (eVTOL) subsidiary of Brazilian aviation manufacturer Embraer (NYSE:ERJ) aiming to commercialize its designs as air taxis and other mobility solutions.
All other proposals on the ballot were also approved at today’s special meeting. For the full list of disclosures and tallies, click HERE.
ADVISORS
- White & Case LLP served as legal advisor to Zanite.
- Jefferies LLC and BTIG, LLC served as financial advisors and capital markets advisors to Zanite.
- Skadden, Arps, Slate, Meagher & Flom LLP and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados served as legal advisor to Embraer and EAH.
- Raymond James & Associates, Inc. served as financial advisor and capital markets advisor to Eve.
- Banco Santander (Brasil) S.A., Banco Bradesco BBI S.A. and Banco Itaú International served as financial advisors to Eve.
Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....
Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....
1RT Acquisition Corp. (NASDAQ:ONCHU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ONCHU”, Wednesday, July 2, 2025. The new SPAC plans to target company in the digital asset ecosystem involved in the creation, storage, exchange or management of such assets, whether...
D. Boral ARC Acquisition II Corp. (NASDAQ:ARBCU) has filed for a $250 million SPAC to give underwriter D. Boral a second in-house SPAC to pursue deals with. The new SPAC offers investors a 1/2 warrant and an initial 18-month time frame to complete a deal. D. Boral II’s sponsor may automatically extend this once by...
Ribbon (NASDAQ:RIBB) has entered into a definitive agreement to combine with Japanese biotech firm DRC Medicine at a pro forma equity value of $422 million. Tokyo-based DRC Medicine manufactures reusable anti-bacterial and anti-allergen wearables and aims to go deeper into the medical device and pharmaceutical space. Transaction Overview Ribbon is expected to provide $50.4 million...