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by DRONELIFE Staff Author Ian M. Crosby
Autonomous aerial vehicle (“AAV”) technology platform leader EHang Holdings has announced its entry into share subscription agreements for a complete of US$23,000,000 private placement with several strategic investors led by South Korean record producer and SM Entertainment founder Lee Soo Man.
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EHang will receive a deposit of 80% of the combination purchase price for the proposed placement from the investors, with the transaction expected to shut within the third quarter of 2023. Along with the private placement, Mr. Lee Soo Man will collaborate with EHang to advance the event of Urban Air Mobility in Asian Pacific regions by utilizing the strengths of each parties.
EHang will put the gross proceeds from the location towards working capital and general corporate purposes, allowing for the acceleration of strategic plans for technology advancement, business development and post-certification industrial operations. These advancements will enable EHang to cement its position as a frontrunner in the worldwide UAM industry.
“I used to be impressed by Mr. Lee’s interest and keenness towards revolutionary technologies, future air mobility, and our autonomous aerial vehicles,” said EHang Founder, Chairman and CEO Huazhi Hu. “We’re thrilled to have long-term strategic investors and partners, reminiscent of Mr. Lee, who share the identical values and commitment in our journey. The location and partnership are testaments to the trust and belief in EHang’s vision and prospects, propelling the Company into our next phase of growth.”
“I appreciate EHang’s unwavering dedication to enabling secure, autonomous and eco-friendly air mobility for most people, as the primary mover and a number one innovator within the emerging UAM industry with great potential,” said Lee Soo Man. “I’m excited to embrace opportunities and contribute to its growth through investing and collaborating with EHang as a long-term investor. I look ahead to the convergence of cutting-edge transportation technologies and popular culture to create sustainable value, and I’m proud to be a part of it.”
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