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EVe Mobility SPAC May Want to Find the Next Lucid, Tesla or Uber

EVe Mobility, a blank-check company seeking to merge with a transportation-related business, priced an IPO of 22 million units at $10.
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EVe Mobility Acquisition might want to find the next Tesla (TSLA) - , Lucid (LCID) - , or Uber (UBER) - .

That's not directly how the company's management phrases its goals, but EVe is about to raise money as a special purpose acquisition company, or SPAC. 

That'll give it cash to find the next EV superstar or to invest in another transportation-related company that might become the next big thing.

A blank-check company seeking to merge with a transportation-related business, EVe Mobility Acquisition EVE, has priced an initial public offering of 22 million units at $10.

Each unit consists of one Class A share plus half a redeemable warrant. Each whole warrant can be exercised to buy one Class A ordinary share for $11.50.

The underwriters also have an option to buy as many as 3.3 million more units at the IPO price if demand for the offering requires.

Beginning on Wednesday, the company expects to list the units on the New York Stock Exchange under the ticker symbol EVE.U.

After the securities that make up the units begin separate trading, the Class A ordinary shares and warrants will trade on the NYSE under the symbols EVE and EVE WS, respectively. The offering is expected to close on Friday.

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Raising money to find the next EV or ride-share giant sounds like a great idea in a market that has rewarded electric vehicle companies with rich valuations that are often not backed up by sales. 

Lucid, for example, had a market cap of over $67 billion before the market opened on Dec. 15, despite having almost no sales.

EVe Mobility has left its options open when it comes to how it plans to invest the proceeds it raises.

The company said in a statement that it might “pursue an initial business combination with a target business in any industry.”

But it will focus “on the mobility-related ecosystem and its surrounding adjacencies,” the statement said. 

“This landscape encompasses traditional automotive sectors as well as technological subsectors that are driving the advancement of the industry as a whole.”

A spokeswoman for EVe Mobility declined to elaborate, saying the company was in a quiet period. 

Cantor Fitzgerald and Moelis are the bookrunning managers of the offering.

Blank-check companies, also known as special-purpose-acquisition companies, or SPACs, are formed for the express purpose of finding and merging with an operating partner. The idea is to speed the operating company to the public markets and avoid the extended process of a traditional initial public offering.