Zanite (NASDAQ:ZNTE) announced this morning in an 8-K that it has added $10 million to the PIPE for its combination with electric vertical take-off and landing vehicle (eVTOL) manufacturer Eve.
The parties agreed to this addition on Christmas Eve, topping off the PIPE to a total of $315 million. Although the new investor was not named, they were counted as a one of the deal’s official “strategic investors” – clients of Eve’s parent Embraer (NYSE:ERJ) who will receive price protections for their commitments in the form of credits for Embraer parts or services.
This level of strategic support is what stands Eve out from other eVTOL deals and the reminder sent Zanite shares upward in pre-market trading.
The parties announced their $2.4 billion deal just last week on December 21. Florida-based Eve is working to commercialize its eVTOL designs as air taxis and other mobility solutions as Embraer’s internally incubated play on that new market.
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