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 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.
Latest SPAC Liquidations: 26 Capital Acquisition Corp. 26 Capital Acquisition Corp.(ADER) to Liquidate on September 21, 2023 26 Capital Acquisition Corp. (Nasdaq: ADER), today announced that it will be unable to complete an initial business combination within the time period required due to the Delaware Court of Chancery’s decision denying 26 Capital’s request for an order...
LatAmGrowth SPAC (NASDAQ:LATG) announced in an 8-K that it adjourned its special meeting yesterday to liquidate early and will reconvene it at 2 pm ET September 28. The proposals on its ballot would have initiated the process of winding down the SPAC and returning all trust capital to investors outside of $100,000 for dissolution expenses....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. JSE reviewing listing requirements with aim to simplify them The Johannesburg Stock Exchange will be reviewing all its listings requirements with the objective of further simplifying its requirements, as part of its ongoing efforts to create an...
Nabors Energy Transition Corp. (NYSE:NETC) announced this morning that Vast has added an equity commitment of up to $10 million to its combination with concentrated solar power producer Vast. The new commitment comes at $10.20 per share from the Canberra Airport Group and half of it is to come up front at close. A further...
M3-Brigade III (NYSE:MBSC) announced this morning that it has closed its combination with Canadian energy producer Greenfire and the combined company is expected to trade on the NYSE under the symbol “GFR” later today. Concurrent with close, Greenfire also issued $300 million in new senior secured notes at a 2% discount, priced at $980 per...