EVE Air Mobility, Embraer’s Nasdaq-listed eVTOL subsidiary, has announced it has raised $94 million in new equity financing.
The deal will involve the private placement of 23.5 million new shares of common stock valued at US$4 per share as well as the exchange of some warrants for shares and the issuance of new warrants.
The new shares are issued at a considerable discount in relation to the market value of EVE’s shares. At the time of the agreement, which was made on June 28, 2024, EVE shares were trading on the stock market at around US$11.
This capital injection takes place as EVE is gearing up for the completion of its first prototype and a likely maiden test flight before the end of 2024. In May 2024, EVE published a series of videos on social media in which it showed, for the first time, this first aircraft taking shape at its production facility in Brazil.