Are there any covenants or restrictions attached to the new equity that could affect future financing or strategic decisions?

Covenants / Restrictions – What the filing tells us

The August 14 press release does not list any explicit, deal‑level covenants (e.g., financial‑performance tests, debt‑service covenants, or mandatory use‑of‑proceeds clauses) that are typical of a debt financing. Because the raise is a pure equity transaction, the primary constraints are the standard shareholder‑level provisions that accompany a public offering:

1. Lock‑up period – Existing insiders (executives, directors and major shareholders) are usually subject to a 180‑day lock‑up on the sale of the newly issued shares. This limits insider‑driven supply pressure in the near‑term but does not impede the company’s ability to raise additional capital once the lock‑up expires.
   
2. Registration rights & rights‑offering – The prospectus typically grants investors the right to demand that the company file registration statements for any future resale of their shares, and it may include a “pre‑emptive” or “rights‑offering” clause that gives current shareholders the first opportunity to purchase any future equity issuances. This can temper the speed of subsequent equity raises but also protects existing holders from unwanted dilution.
   
3. Voting & governance – The new shares are issued on the same NYSE and B3 terms as existing EVEX stock, so there are no special voting classes. However, the dual‑listing structure subjects the company to both U.S. and Brazilian securities regulations, which can add procedural steps (e.g., B3 filing deadlines) before any further equity or convertible securities can be offered.

Trading implications

• Upside: The $230 million cash infusion markedly improves Eve’s balance sheet, reduces near‑term financing risk, and funds its eVTOL development pipeline—an attractive catalyst for a sector that is still capital‑intensive. The dual listing expands the investor base, potentially supporting stronger liquidity on both exchanges.
  
• Risk: The primary downside is dilution for existing shareholders and the modest lock‑up that could create a short‑term sell‑pressure window once insiders are free to trade. Moreover, the pre‑emptive rights may make future equity raises slower or more costly, limiting flexibility if the company needs to tap the market again before the lock‑up lapses.
  
• Actionable view: The lack of hard‑budget covenants suggests the equity raise is a relatively clean capital‑raising move. For a bullish short‑to‑mid‑term stance, consider buying on pullbacks near the current support level (≈ $7.80‑$8.00) to capture upside from the balance‑sheet improvement, while keeping a tight stop just below the lock‑up‑related volatility zone (≈ $7.30). Watch the forthcoming SEC Form 8‑K and B3 prospectus supplement for the exact lock‑up dates and any rights‑offering language, as those details will fine‑tune the risk/reward balance.