eVTOL Startup EHang Files For American IPO

posted on 4th November 2019 by Eddie Saunders
eVTOL Startup EHang Files For American IPO

Ehang, which makes autonomous aerial vehicles, filed paperwork with the Securities and Exchange Commission to go public on the Nasdaq. The company lists a $100 million raised in its IPO documents.

on October 31, the China-based group made an SEC F1 filing for the Cayman Islands-registered EHang Holdings Limited, giving notice of its intention to offer Class A ordinary shares from an as-yet unspecified date before the end of 2019 and secure a Nasdaq listing under the symbol EH. The IPO would make EHang the first of numerous privately-owned eVTOL startups to go public.

Ehang raised $10 million in its Series A in December 2014, less than a year before its $42 million Series B in August 2015.

Ehang reportedly includes up to 200 new aircraft developments. They have already started to make deliveries of its two-seat 216 Autonomous Aerial Vehicles (AAVs). According to the F1 filing, it has delivered 38 AAVs since March 2018 to various partners and prospective distributors, including freight group DHL-Sinotrans. It reported “unfulfilled orders” for 28 aircraft.

During the first six months of 2019, EHang reported a net loss of $5.5 million, which was 42 percent higher than the loss it incurred in the same period for 2018 Revenues for the first six months of 2019 were also down by 15.6 percent at $4.7 million.