Eve Announces Business Updates in Preparation for Closing of Business Combination with Zanite

Eve UAM, LLC (“Eve” or the “Company”), an Embraer S.A. (“Embraer”) company and a leader in the development of next-generation Urban Air Mobility (“UAM”) solutions, today announced a summary business update on several previously disclosed key milestones relating to its business and plans to go public through a proposed business combination (the “Business Combination”) with Zanite Acquisition Corp. (“Zanite”) (Nasdaq: ZNTE, ZNTEU, ZNTEW). The Business Combination includes a previously announced $357.3 million PIPE, inclusive of a $52.3 million upsize, which includes commitments from strategic partners Thales, Acciona and Space Florida, as well as an increased commitment by Embraer Aircraft Holding, Inc., a direct subsidiary of Embraer.

In December, Eve announced plans to go public through the Business Combination. Upon closing of the Business Combination, Eve expects to raise a total of more than $500 million in proceeds, assuming none of Zanite’s stockholders redeem their shares, and Zanite will change its name to Eve Holding, Inc. (“Eve Holding”). Eve Holding’s common stock and warrants are expected to be listed on the New York Stock Exchange (“NYSE”) under the symbols “EVEX” and “EVEXW”, respectively, following the closing.

Eve and Zanite previously announced the filing on April 13, 2022, of the definitive proxy statement (as supplemented by that certain supplement to the definitive proxy statement, dated as of April 28, 2022, and as may be further supplemented or amended from time to time, the “Definitive Proxy Statement”) related to the Business Combination. The special meeting of Zanite’s stockholders to approve the Business Combination (the “Special Meeting”) will be held on May 6, 2022, at 11:00 a.m. Eastern Time. Eve and Zanite expect that the Business Combination will close on May 9, 2022, subject to the approval of the Business Combination by Zanite’s stockholders and the satisfaction of other customary closing conditions. Zanite stockholders are encouraged to read the Definitive Proxy Statement in its entirety and to vote “FOR” all the proposals described therein. The Special Meeting will be a virtual meeting conducted exclusively via live webcast, which stockholders may virtually attend by visiting https://www.cstproxy.com/zaniteacquisition/2022. The board of directors of Zanite recommends that stockholders vote “FOR” all proposals in advance of the Special Meeting by signing, dating and returning the proxy card upon receipt by following the instructions on the proxy card. If your shares are held in an account at a broker, bank, or nominee, please follow the voting instructions provided by such broker, bank, or nominee.

Since the announcement of the Business Combination in December 2021, Eve’s pipeline of secured launch orders via non-binding letters of intent has grown from 17 to 19 customers and from 1,735 to 1,825 vehicles. These customers include fixed-wing operators, helicopter operators, ride-sharing platforms and leasing companies, including Azorra Aviation, Falko Regional Aircraft, Republic Airways, SkyWest, and GlobalX. This order backlog provides important revenue visibility as the Company works to achieve type certification for its electric vertical take-off and landing (eVTOL) aircraft in compliance with certain airworthiness authorities and, following certification, begin production and sales of such vehicles.

The Company also announced a number of new developments and business agreements in its UAM portfolio of solutions as it seeks to reshape the future of UAM. These new developments include the previously announced publication of a Concept of Operations (“CONOPS”) for UAM operations in Miami-Dade County and the United Kingdom, as well as the expected publishing in the coming weeks of a new CONOPS for the future UAM market in Rio de Janeiro, Brazil. Eve has also advanced key technical milestones, such as the completion of proof-of-concept and wind tunnel tests and simulations that are essential to developing and obtaining a type certification for Eve’s eVTOL. As previously announced, in February, the Company formalized the application with ANAC (Brazilian Certification Authority - Agência Nacional de Aviação Civil (Brazil)) for the type certification.

“The progress that Eve has made in recent months shows that we continue to reach and pass key milestones in our business and growth strategies,” said André Stein, Co-CEO of Eve. “The previously announced PIPE upsize is further proof of the confidence of investors in our plans for the future of urban air mobility.”

“Eve is also making impressive progress in advancing the development of global eVTOL infrastructure,” said Jerry DeMuro, Co-CEO of Eve. “With our recently announced partnership with Skyports Pte LTD, a leading infrastructure provider for eVTOL passenger and cargo vehicles, we will be supporting the development of a CONOPS for Advanced Air Mobility (“AAM”), including UAM, for the Japan Civil Aviation Bureau (“JCAB”),” he explained. “Eve is also working with regulators, communities and partners in Australia, Europe and the Americas.”

The new CONOPS for Rio de Janeiro will combine analyses that cover the perspective, points of attention and operational needs of eVTOL vehicles, passenger journey, and services and support. The Rio CONOPS will also include data from helicopter flight operations completed in November 2021 between Rio’s Barra da Tijuca neighborhood and Galeão International Airport, which were intended to simulate the UAM ecosystem.

The Rio CONOPS was developed through unprecedented cooperation with eleven strategic partners and government entities, including ANAC, the Department of Airspace Control (“DECEA”), and the Brazilian General Aviation Association (“ABAG”).

Eve continues to expand its order backlog as well by signing a letter of intent with Halo Aviation Ltd. (“Halo”), which will deploy Eve’s agnostic solutions and benefit the development and network performance of UAM. The Halo collaboration builds upon previous strategic partnerships Eve announced across the globe spanning the entire UAM ecosystem, such as fleet operation, infrastructure, technology, and the aircraft leasing market.