Eve Announces $230 Million Equity Capital Raise and Dual Listing in the United States and Brazil

Rhea-AI Summary

Eve Air Mobility (NYSE: EVEX) has announced a significant $230 million equity capital raise through a registered direct offering of 47,422,680 shares of common stock at $4.85 per share. The offering includes participation from BNDESPAR (BNDES subsidiary), Embraer, and other institutional investors.

The company will establish a dual listing with Brazilian Depositary Receipts (BDRs) trading on the Sao Paulo Stock Exchange (B3) under symbol "EVEB31". The BDRs, priced at R$26.21 each, will be issued to BNDES. The proceeds will fund Brazilian operations, general corporate purposes, potential acquisitions, and debt repayment. The offering is expected to close on August 15, 2025.

Positive

• Secured substantial $230 million equity capital raise
• Strategic investment from BNDES and continued support from Embraer
• Dual listing expansion enhances market access and investor base diversification
• Strengthened balance sheet for operations and potential acquisitions

Negative

• Significant share dilution through issuance of 47.4 million new shares
• Complex regulatory requirements across two jurisdictions
• Additional indebtedness indicated by planned use of proceeds for debt repayment

Insights

Financial Analyst

Eve's $230M capital raise strengthens its balance sheet and runway while expanding investor access through dual US-Brazil listing.

Eve's $230 million equity capital raise represents a significant financial milestone for the Urban Air Mobility (UAM) company. The offering structure—selling 47.4 million shares at $4.85 per share—represents a substantial dilution of approximately 20% based on their current shares outstanding. However, this dilution brings critical benefits.

The capital infusion substantially strengthens Eve's balance sheet and extends its operational runway at a crucial development stage for its eVTOL aircraft program. The company specifically earmarked the proceeds for three key purposes: financing operations, potential strategic acquisitions/investments, and debt repayment—providing multi-dimensional financial flexibility.

The dual listing strategy through Brazilian Depositary Receipts (BDRs) on B3 is particularly noteworthy. This approach accomplishes two strategic objectives: 1) it broadens Eve's investor base geographically, potentially improving liquidity and price discovery, and 2) it establishes a deeper connection to the Brazilian market where Embraer, Eve's major stakeholder, maintains significant operations.

The participation of BNDESPAR (Brazilian Development Bank's investment arm) signals important institutional validation. Development banks typically conduct thorough due diligence and target long-term strategic investments rather than speculative plays. This investment provides both capital and credibility.

Embraer's continued participation in this funding round demonstrates parent company confidence in Eve's progress and long-term potential. The backing of an established aerospace manufacturer provides Eve with both technological and operational advantages that many eVTOL competitors lack.

The timing suggests Eve is progressing in its development roadmap and preparing for capital-intensive phases ahead, including certification processes and manufacturing scale-up. This raise positions Eve more competitively in the increasingly crowded but capital-intensive eVTOL market.

MELBOURNE, Fla., Aug. 14, 2025 /PRNewswire/ -- Eve Air Mobility (Eve) (NYSE: EVEX and EVEXW), a company dedicated to the development of a suite of solutions for the Urban Air Mobility (UAM) market, including an electric vertical takeoff and landing (eVTOL) aircraft, today announced that it 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 BDR¹, 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 on August 15, 2025².

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 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.

"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," said Eduardo Couto, Chief Financial Officer at Eve.

Johann Bordais, Eve's CEO, added: "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."

Cantor Fitzgerald & Co., Raymond James & Associates, Inc. and Banco Bradesco BBI S.A. are acting as placement agents in connection with the offering of common stock in the Registered Direct Offering. Banco Bradesco BBI S.A. is acting as financial advisor to Eve.

The Registered Direct Offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-287863) previously filed by Eve with the U.S. Securities and Exchange Commission (the "SEC") on June 6, 2025 and declared effective by the SEC on June 25, 2025. The Registered Direct Offering is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. The prospectus supplement relating to, and describing the terms of, the Registered Direct Offering will be filed with the SEC and will be available on the SEC website at www.sec.gov. Alternatively, copies of the prospectus supplement, when available, may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor New York, New York 10022, Email: prospectus@cantor.com; Raymond James & Associates, Inc., Attn: Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, Telephone: (800) 248-8863, Email: prospectus@raymondjames.com; or Banco Bradesco BBI S.A., Avenida Presidente Juscelino Kubitschek 1.309, 10º andar, CEP 04543-011, São Paulo, SP, Brazil.

This press release does not constitute an offer to sell or a solicitation of an offer to buy securities, nor shall there be any sale of any securities in any state or jurisdiction which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Eve has obtained approval of the BDR Level I program 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.

Image: https://eve.imagerelay.com/share/8ebf62f750ce444aaedd0338b22ae208

About Eve Air Mobility

Eve is dedicated to accelerating the Urban Air Mobility ecosystem. Benefitting from a start-up mindset, backed by Embraer's 55-year history of aerospace expertise, and with a singular focus, Eve is taking a holistic approach to progressing the UAM ecosystem, with an advanced eVTOL project, comprehensive global services and support network and a unique air traffic management solution. Since May 10, 2022, Eve is listed on the New York Stock Exchange, where its shares of common stock and public warrants trade under the tickers "EVEX" and "EVEXW". To learn more about Eve, visit www.eveairmobility.com. 

Forward-Looking Statements

Certain statements contained in this release are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as "may," "will," "expect," "intend," "anticipate," "believe," "estimate," "plan," "project," "could," "should," "would," "continue," "seek," "target," "guidance," "outlook," "if current trends continue," "optimistic," "forecast" and other similar words or expressions. All statements, other than statements of historical facts, are forward-looking statements, including, but not limited to, the closing of the Registered Direct Offering, the expectation that the Registered Direct Offering will provide additional liquidity for Eve's common stock, the issuance of common stock to Embraer, the delivery to Eve's stockholders of an information statement, and the anticipated use of the net proceeds from the Registered Direct Offering. These forward-looking statements are based on Eve's current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. These risks and uncertainties include, but are not limited to, those set forth in Part I, Item 1A. Risk Factors and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of Eve's most recent Annual Report on Form 10-K, Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors of Eve's most recent Quarterly Report on Form 10-Q, and other risks and uncertainties listed from time to time in Eve's other filings with the Securities and Exchange Commission. Additionally, there may be other factors of which Eve is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. Eve does not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements. Other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement.

¹ Equivalent value based on the PTAX rate on August 12, 2025.
² Subject to the satisfaction of customary closing conditions, except for the issuance of common stock to Embraer which will take place at least 20 business days following the delivery to Eve's stockholders of an information statement complying with Regulation 14C under the Securities Exchange Act of 1934, as amended.

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SOURCE Eve Air Mobility

FAQ

What is the size and price of Eve Air Mobility's (EVEX) equity capital raise in 2025?

Eve Air Mobility is raising $230 million through a registered direct offering of 47,422,680 shares priced at $4.85 per share.

How will Eve Air Mobility (EVEX) use the proceeds from its 2025 capital raise?

Eve will use the proceeds for Brazilian operations, general corporate purposes, potential business acquisitions or strategic investments, and repayment of outstanding debt.

What is Eve Air Mobility's (EVEX) new dual listing structure?

Eve will maintain its NYSE listing (EVEX) and add a Brazilian listing through BDRs trading on the Sao Paulo Stock Exchange (B3) under symbol EVEB31.

Who are the major investors in Eve Air Mobility's (EVEX) 2025 capital raise?

The major investors include BNDESPAR (BNDES subsidiary), Embraer, and other institutional investors.

What is the price of Eve Air Mobility's (EVEX) BDRs in Brazil?

Eve's Brazilian Depositary Receipts (BDRs) are priced at R$26.21 per BDR, with each BDR representing one share of common stock.