Eve Air Mobility, a company dedicated to the development of a suite of solutions for the urban air mobility (UAM) market, including an eVTOL aircraft, has entered into subscription agreements with BNDESPAR, a subsidiary of the Brazilian Development Bank (BNDES), Embraer and other institutional investors to issue and sell, in a capital raise via a registered direct offering, a total of 47,422,680 shares of common stock at $4.85 per share. It includes the subscription of Brazilian Depositary Receipts (BDRs) by BNDES, each of which represents one share of common stock at R$26.21 per BDR, for total gross proceeds of $230 million, before deducting placement agent commissions and estimated offering expenses (the Registered Direct Offering), which is expected to close mid August.

The 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. Eve will utilise the gross proceeds from BDRs to pay for services performed in Brazil and intends to use the remaining net proceeds from the Registered Direct Offering for general corporate purposes, including financing operations, possible business acquisitions or strategic investments and repayment of outstanding indebtedness.

“Eve's dual listing in the US 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 at Eve.

Johann Bordais, Eve's CEO, adds: “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 on board and we deeply value Embraer's continued commitment to Eve and our programme.”

Eve has obtained approval of the BDR Level I programme sponsored by it concerning the BDRs (the BDR Program) with the Brazilian Securities Commission (Comissão de Valores Mobiliários, or the CVM). The BDR Program was created exclusively to enable BNDES's investment in Eve. The Registered Direct Offering was not, and will not be, subject to registration with the CVM or other Brazilian regulatory or self-regulatory entities.