Why Embraer Stock Popped on Today's SPAC News
It's been barely a week since Brazilian aircraft maker Embraer (NYSE: ERJ) announced that it's getting into the air taxi business, with its Eve Urban Air Mobility Solutions subsidiary striking a deal to sell 200 electric vertical takeoff and landing (eVTOL) aircraft to helicopter travel services provider Halo. But on Thursday morning, Embraer shareholders are reaping a windfall benefit from that deal. Its stock was up by 13.7% as of 11:30 a.m. EDT on news that it may spin off the Eve subsidiary in a deal with a SPAC.
As the company announced, Eve "has started negotiations related to a possible business combination with Zanite Acquisition Corp. (NASDAQ: ZNTE), a U.S. publicly traded special purpose acquisition company (SPAC)."
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Source Fool.com
