Eve Holding to sell 47.42M shares at $4.85 in registered direct offering

Eve Air Mobility (EVEX) announced that it has entered into subscription agreements with BNDESPAR, a subsidiary of the Brazilian Development Bank, Embraer (ERJ) 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 by BNDES, each of which represents one share of common stock at R$26.21 per BDR1, for total gross proceeds of $230M, before deducting placement agent commissions and estimated offering expenses, which is expected to close on August 15. The BDRs have been approved for listing on the Sao Paulo Stock Exchange under the symbol “EVEB31” and will be delivered to BNDES in Brazil. Eve will utilize 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. Cantor Fitzgerald & Co., Raymond James & Associates and Banco Bradesco BBI S.A. are acting as placement agents in connection with the offering of common stock in the Registered Direct Offering.