Shares of Eve (EVEX), a maker of electrical vertical takeoff and landing vehicles, or eVTOLs, tumbled 22% on Monday.
Eve’s stock opened at $10.08, reaching a session high of $10.20 in early trading before sliding to a low of $7.45 in mid-afternoon. The stock closed at $7.74, down 22%.
Eve went public on May 10 following a merger with SPAC Zanite Acquisition Corp. The deal valued the combined company at a pro forma enterprise value of around $2.4B.
Established by Brazilian aircraft manufacturer Embraer (ERJ), Eve has been developing electrical vertical takeoff and landing (eVTOL) vehicles that can be used as air taxis in urban areas.
Following the closing, Embraer was to maintain an 80% position in Eve through a subsidiary. Eve was the first company to graduate from Embraer’s business accelerator EmbraerX.
Last week, Eve said it had hired Porsche’s consulting unit to help define its supply chain, global manufacturing and logistics macro strategy.
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