RTTNews | Dec 21, 2021 11:40AM EST

11:39 Tuesday, December 21, 2021 (RTTNews.com) - Brazilian airplane manufacturer, Embraer S.A. (ERJ), is trading 16% higher on Tuesday after the company announced that it has agreed to a merger between its subsidiary electric plane company Eve and shell company Zanite SPAC.

The merger is valued at $2.9 billion and after the merger, the company will go public at the NYSE under ticker EVEX. The transaction is supposed to close in the second quarter of 2022. The merger will also allow the company a $512 million cash position with which the company is planning to develop its flying taxi.

The stock is currently dealing at $16.23, up $2.33 or 16.76% since the previous close at $13.90. The stock opened at $15.60 in the morning. In the 52-week period, the shares have ranged between $6.23 and $19.40.

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