Eve Air Mobility Secures $94 Million in Equity Funding

Eve Air Mobility has announced a significant influx of capital, with a new equity financing of $94 million from multiple investors. This funding includes the issuance of 23,500,000 new shares of the company's common stock at a purchase price of $4.00 per share, as well as the exchange of certain warrants for shares of common stock and the granting of warrants to certain investors. The new equity, along with existing cash and credit lines, positions the company for future success.

The company's CFO, Eduardo Couto, emphasized the confidence that investors have shown in Eve, highlighting the industry's largest pre-order book with letters of intent for 2,900 aircraft and strong program development partners. This new funding is expected to support the continued development and manufacturing of the company's electric vertical take-off and landing (eVTOL) aircraft.

Eve's eVTOL aircraft utilizes eight dedicated propellers for vertical flight and fixed wings to fly in cruise, with an electric pusher powered by dual electric motors providing propulsion redundancy. The company is currently completing the assembly of its first full-scale eVTOL prototype, which will be followed by a test campaign. Additionally, Eve continues to develop a comprehensive portfolio of agnostic services and operations solutions, including vector, a unique urban air traffic management software to optimize and scale advanced air mobility operations worldwide.

The company has engaged Bradesco BBI as its exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as its legal advisor for this equity financing.

Eve's shares of common stock and public warrants trade under the tickers "EVEX" and "EVEXW" on the New York Stock Exchange since May 10, 2022. Following these announcements, the company's shares moved -19.0%, and are now trading at a price of $3.28. If you want to know more, read the company's complete 8-K report here.

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