The offerings are scheduled to close on August 15
To broaden its investor base and support its Urban Air Mobility (UAM) initiatives, including the development of electric vertical takeoff and landing (eVTOL) aircraft, Brazilian company Eve Air Mobility (Eve) has secured USD 230 million through the sale of common stock and Brazilian Depositary Receipts (BDRs). The move establishes a dual listing for the company on both U.S. and Brazilian stock exchanges, strengthening its access to international capital markets.
In a press statement, Eve says that under subscription agreements with BNDESPAR, a subsidiary of the Brazilian Development Bank (BNDES), Embraer, and other institutional investors, the company will issue 47,422,680 shares of common stock at USD 4.85 per share. BNDES will subscribe to BDRs, each representing one share of common stock, at USD 26.21 per BDR. The offering is expected to generate gross proceeds of USD 230 million before placement agent fees and estimated offering expenses and is scheduled to close on August 15.
It adds that BDRs have been approved for listing on the Sao Paulo Stock Exchange (B3) under the symbol “EVEB31” and will be delivered to BNDES in Brazil. It intends to use the proceeds from BDRs to pay for services performed in Brazil, with the remaining net proceeds from the offering earmarked for general corporate purposes, which include financing operations, potential business acquisitions or strategic investments, and repayment of outstanding debt.
Eduardo Couto
“Eve’s dual listing in the United States and Brazil is aligned with our continuous effort to diversify our investor base, bringing new stockholders from different locations,” says Eduardo Couto, Chief Financial Officer, Eve.
The statement says that Cantor Fitzgerald & Company, Raymond James & Associates and Banco Bradesco are acting as placement agents for the offering. Banco Bradesco is also acting as financial advisor to Eve.
Brazilian company says that the offering is being conducted under a shelf registration statement with the United States Securities and Exchange Commission (SEC) and declared effective on June 25. The offering is available only through a prospectus supplement, which will be filed with the SEC and will be accessible via website or obtained directly from the placement agents.
The company says that this announcement does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction where such an offer would be unlawful prior to registration or qualification under applicable laws.
Eve says it has received approval from the Brazilian Securities Commission (CVM) for its Level I BDR programme, established exclusively to facilitate BNDES’s investment in the company. The offering is not, and will not be, subject to registration with the CVM or other Brazilian regulatory entities.
Johann Bordais
“This equity raise marks a significant milestone in our journey. It supports our vision and fuels our mission to transform urban mobility. We’re proud to have BNDES onboard and we deeply value Embraer’s continued commitment to Eve and our program,” says Johann Bordais, Chief Executive Officer, Eve.