In May 2022, Eve UAM, LLC and Zanite Acquisition Corp. completed a SPAC merger which resulted in Eve Holding, Inc. and the Company’s securities trading on the New York Stock Exchange under the ticker symbols EVEX and EVEXW.

Then, on September 29, 2022, after trading hours, Eve announced that “[o]n September 23, 2022, the Audit Committee of the Board of Directors of the Company (the “Audit Committee”) … concluded that the Company’s condensed consolidated financial statements included in the Company’s Form 10-Q for the quarter ended June 30, 2022[] should not be relied upon.” Further, Eve announced that it “currently estimates that the adjustments will have the effect of increasing net loss by approximately $87 million as a result of a non-cash expense, and increasing additional paid-in capital by the same amount, for the three months ended June 30, 2022.” Eve stated that it “reviewed its accounting for certain warrants to acquire an aggregate of 24,200,000 shares of common stock, that were issued and became exercisable at the closing on May 9, 2022 of the transactions contemplated by the Business Combination Agreement … and taking into account the technical accounting rules and interpretations regarding the accounting treatment of similar warrants, the Company expects to recognize certain non-cash expenses associated with the issuance of such warrants for the three months ended June 30, 2022.”

On this news, Eve’s stock fell $2.05 per share, or 20%, over the next two trading days to close at $7.89 per share on October 3, 2022.