Blade Urban Air Mobility has completed its business combination with Experience Investment, a NASDAQ listed special purpose acquisition company sponsored by KSL Capital Partners. The combined holding company will change its legal name to Blade Air Mobility, Inc. (Blade HoldCo), while Blade Urban Air Mobility, Inc. (Blade or the Company) will be its wholly owned, operating subsidiary. The Blade HoldCo's common stock and warrants commenced trading earlier this month on the NASDAQ under the new ticker symbols BLDE and BLDEW, respectively.
As a result of the business combination and concurrent private placement of common stock, Blade HoldCo received approximately $365 million in gross proceeds.
Blade chairman Kenneth B. Lerer says: “Our transaction with EIC is transformative. The capital will enable Blade's strong brand and consumer proposition in urban air mobility to rapidly scale across new markets while allowing the company to accelerate M&A activities and ensure that it is well positioned as electric vertical aircraft become available.”
Blade founder and CEO Rob Wiesenthal adds: “Our recent agreements with electric vertical aircraft manufacturers Beta Technologies and Wisk Aero will accelerate our transition to quiet, emission-free and cost efficient urban air mobility. Additionally, we are well positioned to capitalise on pent-up travel demand with the relaunch of our New York airport service and related partnership with Kayak.”
Experience Investment CEO Eric Affeldt concludes: “We are pleased to see the completion of this merger. Blade stands at the intersection of urban air mobility and the ongoing transition to an emission-free transportation world. We believe the unique position of Blade as an operating urban air mobility business will enable it to deliver significant value to internal and external stakeholders.”
In addition to Rob Wiesenthal, Blade's existing management team will continue to lead the combined company including president Melissa Tomkiel, chief financial officer Will Heyburn, and chief technology officer Brandon Keene.