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Zanite Acquisition Corp. (ZNTE) Adds $2.3M to PIPE for Eve Deal

Zanite Acquisition Corp. (ZNTE) Adds $2.3M to PIPE for Eve Deal

Zanite (NASDAQ:ZNTE) announced this afternoon in an 8-K that it has added $2.3 million to the PIPE for its combination with electric vertical take-off and landing vehicle (eVTOL) manufacturer Eve.

On March 9, the SPAC entered into a subscription agreement with an additional “strategic investor” that subscribed for an aggregate of 230,000 shares of common stock for $2.3 million. All total, Zanite has now agreed to issue and sell 31,730,000 shares to the PIPE investors for $317.3 million.

Zanite previously agreed to add $10 million to the PIPE on December 27, 2021, which brought it to a total of $315 million.

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).

The parties announced their $2.4 billion deal just a few months ago 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.