50 SKY SHADES - World aviation news

EHang announces US$23 million private placement led by South Korean strategic investor Lee Soo Man

Download: Printable PDF Date: 12 Jul 2023 07:58 (UTC) categories:
Publisher:
EHang announces US$23 million private placement led by South Korean strategic investor Lee Soo Man - Finance publisher
Dana Ermolenko
Country: China

EHang has entered into share subscription agreements for a total of US$23,000,000 private placement with several strategic investors led by Mr. Lee Soo Man, a renowned South Korean music producer, entrepreneur, and the founder of K-pop and SM Entertainment, a South Korean leading multinational entertainment company listed in KOSDAQ. The Company will receive a deposit of 80% of the aggregate purchase price for the proposed placement from the investors in three business days.

The transaction is expected to close in the third quarter of 2023, subject to regulatory review and customary closing conditions. The issuance of the Class A ordinary shares for the private placement will be made outside the United States in accordance with Regulation S under the Securities Act of 1933, as amended. The Class A ordinary shares to be issued will be restricted securities and may not be resold without registration or an exemption from registration under U.S. federal and applicable state securities laws.

In addition to the private placement, EHang and Mr. Lee Soo Man will collaborate to drive the development of Urban Air Mobility (“UAM”) business in Asian Pacific regions leveraging both’s complimentary strengths. The gross proceeds from the placement will be allocated by EHang for working capital and general corporate purposes, enabling acceleration of strategic plans for technology advancement, business development and post-certification commercial operations. This will further solidify EHang’s position as a leader in the global UAM industry.

Mr. Huazhi Hu, EHang’s Founder, Chairman and Chief Executive Officer, commented: “I was impressed by Mr. Lee’s interest and passion towards innovative technologies, future air mobility, and our autonomous aerial vehicles. We are thrilled to have long-term strategic investors and partners, such as Mr. Lee, who share the same values and commitment in our journey. The placement and partnership are testaments to the trust and belief in EHang’s vision and prospects, propelling the Company into our next phase of growth.”

The lead investor Mr. Lee Soo Man also conveyed his enthusiasm and positive outlook for the future, remarking, “I appreciate EHang’s unwavering dedication to enabling safe, autonomous and eco-friendly air mobility for the general public, as the first mover and a leading innovator in the emerging UAM industry with great potential. I’m excited to embrace opportunities and contribute to its growth through investing and collaborating with EHang as a long-term investor. I look forward to the convergence of cutting-edge transportation technologies and popular culture to create sustainable value, and I’m proud to be part of it.”





Recommended

Archer announces landmark infrastructure deal with Signature Aviation

Archer Aviation and Signature Aviation signed an MOU focused on electrifying Signature network of over 200 airport terminals, giving Archer access to takeoff and landing sites in major...

ExecuJet MRO Services South Africa set to achieve new record for airframe heavy checks

ExecuJet MRO Services South Africa is poised to set a new record this year for airframe heavy maintenance checks. Company’s previous annual record was seven, but this year it will complete at le...

Thales modernizes Bahrain’s Airspace with TopSky Aeronautical Messaging Handling System

In a significant stride towards modernizing Bahrain airspace further, the Ministry of Transportation and Telecommunications’ Civil Aviation Affairs recently implemented the latest vers...

Electric planes to join Pilot Academy - airBaltic & Diamond sign LOI

airBaltic Training signed a LOI with Diamond Aircraft for the acquisition of three all-electric eDA40 and two DA42-VI aircraft. Thus, the airBaltic Pi...

Android Apps development in Riga, Latvia The drones news