Why Embraer Stock Exploded 17% Higher Today
Shares of Embraer S.A. (NYSE: ERJ) were up by 17% as of 11:30 a.m. ET Tuesday after the Brazilian planemaker announced plans to spin off its Eve urban air mobility solutions (i.e., "air taxis") subsidiary in an IPO.
Specifically, it will use a SPAC IPO. Embraer will merge Eve with special purpose acquisition company Zanite Acquisition Corp. (NASDAQ: ZNTE) and rake in the profits for itself.
Image source: Getty Images.
Source Fool.com
