Project GOF 2.0, long range passenger droneAAV Leader EHang Announces $23M Private Placement Led by South Korean Entrepreneur Lee Soo Man

by DRONELIFE Staff Writer Ian M. Crosby

Autonomous aerial vehicle (“AAV”) technology platform leader EHang Holdings has announced its entry into share subscription agreements for a total 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 aggregate purchase price for the proposed placement from the investors, with the transaction expected to close in the third quarter of 2023. In addition to the private placement, Mr. Lee Soo Man will collaborate with EHang to advance the development of Urban Air Mobility in Asian Pacific regions by utilizing the strengths of both parties.

drone taxisEHang will put the gross proceeds from the placement towards working capital and general corporate purposes, allowing for the…