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Shares of Eve (EVEX), a maker {of electrical} vertical takeoff and touchdown automobiles, or eVTOLs, tumbled 22% on Monday.
Eve’s inventory opened at $10.08, reaching a session excessive of $10.20 in early buying and selling earlier than sliding to a low of $7.45 in mid-afternoon. The inventory closed at $7.74, down 22%.
Eve went public on Could 10 following a merger with SPAC Zanite Acquisition Corp. The deal valued the mixed firm at a professional forma enterprise worth of round $2.4B.
Established by Brazilian plane producer Embraer (ERJ), Eve has been growing electrical vertical takeoff and touchdown (eVTOL) automobiles that can be utilized as air taxis in city areas.
Following the closing, Embraer was to keep up an 80% position in Eve through a subsidiary. Eve was the primary firm to graduate from Embraer’s enterprise accelerator EmbraerX.
Final week, Eve mentioned it had hired Porsche’s consulting unit to assist outline its provide chain, international manufacturing and logistics macro technique.
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