Zanite Acquisition Corp. (ZNTE) Shareholders Approve Eve Deal
by Marlena Haddad on 2022-05-06 at 4:46pm

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.


  • 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 FilhoVeiga 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.
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