Item 1.01 Entry into a Material Definitive Agreement.
Business Combination Agreement
On
The Business Combination
In accordance with the terms and subject to the conditions of the Business
Combination Agreement, at the closing of the transactions contemplated by the
Business Combination Agreement (the "Closing"), Zanite has agreed to pay
consideration in the form of 220,000,000 newly issued shares of the Company's
common stock, par value
The board of directors of Zanite (the "Board") has unanimously approved and declared advisable the Business Combination Agreement, the business combination and the other transactions contemplated thereby and resolved to recommend approval of the Business Combination Agreement and related matters by Zanite's stockholders.
The Pre-Closing Restructuring
On
The "UAM Business," which has been incubated within Embraer since 2017, includes (i) the research, design, development, testing, engineering, licensing, certification, manufacturing, procurement, assembling, packaging, sales support and after-sales support of, marketing, promotion, advertising, qualification, distribution, importation, fulfillment, offering, sale, deployment delivery, provision, exploitation, configuration, installation, integration, analysis, support, maintenance, repair, service, and other commercialization of or provision of services with respect to, a passenger or cargo aircraft with hybrid/electric propulsion with vertical take-off and landing capabilities, with maximum range of no more than 200 nautical miles (370.4 kilometers) ("eVTOL") and related products and services and (ii) the development of an Urban Air Mobility Traffic Management solution ("UATM"), a collection of systems and services (including organizations, airspace structures and procedures and technologies) that support the integrated operation of Urban Air Mobility ("UAM") vehicles in low level airspace, which systems and services are directed to supporting UAM operations and enhancing the performance of UAM and low-level airspace travel (not including general air traffic management systems), in each case excluding applications in the crop dusting, defense and security businesses.
Services Agreements
In connection with the pre-closing restructuring, and as contemplated by the
terms of the Business Combination Agreement, Eve entered into three master
services agreements on
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anônima) and an indirect wholly owned subsidiary of Embraer ("Atech"); and one MSA with EVE Soluções de Mobilidade Aérea Urbana Ltda., a Brazilian limited liability company (sociedade limitada) and a direct wholly owned subsidiary of Eve (the "Brazilian Subsidiary"); each of which is attached to the Business Combination Agreement as Exhibit D-1, D-2 and D-3, respectively. Pursuant to the Master Services Agreements with Embraer and Atech, Embraer and its affiliates (other than Eve and its subsidiaries) have agreed to supply certain products and perform certain services relating to the development, certification, manufacturing and support of eVTOL, and license certain intellectual property to be used within the UAM Business, to Eve and its subsidiaries. Pursuant to the Master Services Agreement with the Brazilian Subsidiary, the Brazilian Subsidiary has agreed to develop and facilitate the execution of a commercial business plan for the strategic development of the UAM Business on behalf of Eve. The initial term of each MSA is expected to end on the 15th anniversary of its respective effective date.
In addition, on
Conditions to Closing
The obligation of Zanite, Embraer, Eve and EAH to consummate the business combination pursuant to the Business Combination Agreement is subject to the satisfaction or waiver of certain closing conditions, including, among others: (i) approval by Zanite's stockholders of the Business Combination Agreement, the business combination and certain other actions related thereto; (ii) the expiration or termination of the waiting period (or any extension thereof) applicable under the Hart-Scott-Rodino Antitrust Improvements Act of 1976; (iii) the pre-closing restructuring will have been completed in all material respects prior to the Closing in accordance with the terms of the Business Combination Agreement and the Contribution Agreement; and (iv) the absence of a UAM Material Adverse Effect and the absence of a Zanite Material Adverse Effect (each as defined in the Business Combination Agreement).
In addition, it is also a condition to Embraer's, Eve's and EAH's obligation to consummate the business combination that the amount of cash available in Zanite's trust account, after deducting the amount required to satisfy Zanite's . . .
Item 3.02 Unregistered Sales of
The disclosure set forth above in Item 1.01 of this Current Report on Form 8-K
with respect to the issuance of shares of Common Stock in the business
combination and the
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Item 7.01 Regulation FD Disclosure.
On
Furnished as Exhibit 99.2 hereto is the investor presentation, dated
In addition, furnished herewith as Exhibit 99.3 is the transcript of a joint
conference call held on
The information in this Item 7.01, including Exhibits 99.1, 99.2, and 99.3 is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of Zanite under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filings. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any information of the information in this Item 7.01, including Exhibits 99.1, 99.2 and 99.3.
Important Information about the Business Combination and Where to Find It
In connection with the business combination, Zanite intends to file with the
This Current Report on Form 8-K is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an applicable exemption from the registration requirements thereof.
Participants in the Solicitation
Zanite and its directors and executive officers may be deemed participants in
the solicitation of proxies from Zanite's stockholders with respect to the
business combination. A list of the names of those directors and executive
officers and a description of their interests in Zanite is contained in Zanite's
Registration Statement on Form S-1/A and by Zanite's Current Report on Form 8-K
filed on
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Eve, Embraer, EAH and their respective directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Zanite in connection with the business combination. A list of the names of such directors and executive officers and information regarding their interests in the business combination will be included in the proxy statement for the business combination when available.
Additional information regarding the persons who may, under
Forward-Looking Statements
This Form 8-K includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target", "may", "intend", "predict", "should", "would", "predict", "potential", "seem", "future", "outlook" or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Zanite's, Eve's, Embraer's and EAH's expectations with respect to future performance and anticipated financial impacts of the business combination, the satisfaction of the closing conditions to the business combination and the PIPE, the level of redemptions by Zanite's public stockholders, the timing of the completion of the business combination and the use of the cash proceeds therefrom. These statements are based on various assumptions, whether or not identified herein, and on the current expectations of Zanite's, Eve's, Embraer's and EAH's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of Zanite, Eve, Embraer and EAH.
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These forward-looking statements are subject to a number of risks and
uncertainties, including: (i) changes in domestic and foreign business, market,
financial, political and legal conditions; (ii) the inability of the parties to
successfully or timely consummate the proposed business combination, including
the risk that any required regulatory approvals are not obtained, are delayed or
are subject to unanticipated conditions that could adversely affect the combined
company or the expected benefits of the proposed business combination or that
the approval of the stockholders of Zanite or Eve is not obtained and or that
the proposed business combination and the private placement of common stock are
not able to concurrently close; (iii) failure to realize the anticipated
benefits of the proposed business combination; (iv) risks relating to the
uncertainty of the projected financial information with respect to Eve; (v) the
outcome of any legal proceedings that may be instituted against Zanite, Embraer,
EAH and/or Eve following the announcement of the business combination agreement
and the transactions contemplated therein; (vi) future global, regional or local
economic and market conditions; (vii) the development, effects and enforcement
of laws and regulations; (viii) Eve's ability to grow and manage future growth ,
maintain relationships with customers and suppliers and retain its key
employees; (ix) Eve's ability to develop new products and solutions, bring them
to market in a timely manner, and make enhancements to its platform; (x) the
effects of competition on Eve's future business; (xi) the amount of redemption
requests made by Zanite's public stockholders; (xii) the ability of Zanite or
the combined company to issue equity or equity-linked securities in connection
with the proposed business combination or in the future; (xiii) the outcome of
any potential litigation, government and regulatory proceedings, investigations
and inquiries; (xiv) the risk that the proposed business combination disrupts
current plans and operations as a result of the announcement and consummation,
(xv) costs related to the business combination, (xvi) the impact of the global
COVID-19 pandemic and (xvii) those factors discussed in Zanite's Annual Report
on Form 10-K/A for the fiscal year ended
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description 2.1† Business Combination Agreement, dated as ofDecember 21, 2021 , by and among the Registrant, Embraer S.A.,EVE UAM, LLC andEmbraer Aircraft Holding, Inc. 10.1 Form of Subscription Agreement. 10.2 Form of Strategic Warrant Agreement. 10.3 Sponsor Support Agreement, dated as ofDecember 21, 2021 , by and among the Registrant, Embraer S.A.,Embraer Aircraft Holding, Inc. ,Zanite Sponsor LLC ,John B. Veihmeyer ,Larry R. Flynn ,Gerard J. DeMuro andRonald D. Sugar . 10.4 Contribution Agreement, dated as ofDecember 19 , 202, by and by and among Embraer S.A.,Embraer Aircraft Holding Inc. andEVE UAM, LLC . 99.1 Press Release, dated as ofDecember 21, 2021 . 99.2 Investor Presentation, dated as ofDecember 2021 . 99.3 Transcript of Joint Investor Call, dated as ofDecember 21, 2021 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
† Certain of the exhibits and schedules to this Exhibit have been omitted in
accordance with Regulation S-K Item 601(a)(5). The Registrant agrees to furnish a copy of all omitted exhibits and schedules to theSEC upon its request; provided, however, that Zanite may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act, as amended, for any schedule or exhibit so furnished.
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