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BLADE Urban Air Mobility has successfully completed its business combination with Experience Investment Corp (NASDAQ: EXPC). The new holding company, Blade Air Mobility, Inc., will trade on NASDAQ under ticker symbols 'BLDE' and 'BLDEW' from May 10, 2021. The merger brings approximately $365 million in gross proceeds, enabling Blade to expand its urban air mobility services and pursue M&A opportunities. Blade aims to leverage partnerships with Electric Vertical Aircraft manufacturers to enhance its emission-free transportation options, responding to increased travel demand.
Experience Investment Corp. (NASDAQ: EXPC) announced the approval of all proposals for its business combination with Blade Urban Air Mobility, Inc. during a special meeting of stockholders. The combination is expected to close around May 7, 2021, prompting a change of name to Blade Air Mobility, Inc.. Blade anticipates receiving approximately $365 million in gross proceeds from the transaction, which includes $125 million from a committed private placement. A Form 8-K will be filed to disclose the voting results.
Blade Urban Air Mobility and Wisk Aero announced a partnership for Wisk to provide up to 30 Electric Vertical Aircraft (eVTOL) for Blade's short-distance routes across the U.S. The arrangement aims to transition Blade's conventional rotorcraft operations to emission-free eVTOLs, enhancing safety and efficiency. Wisk will own and maintain the aircraft and be compensated based on flight time. The collaboration also includes forming a working group to deploy essential technologies for charging and air traffic management. This agreement is subject to definitive agreements and regulatory approvals.
Experience Investment Corp. (NASDAQ: EXPC) is urging stockholders to vote for its business combination with BLADE Urban Air Mobility, Inc. during the Special Meeting set for May 5, 2021. Stockholders of record as of March 17, 2021, can vote online or by phone. If approved, the merger will lead to a name change to Blade Urban Air Mobility, Inc., with stock trading under the symbols 'BLDE' and 'BLDEW'. Blade aims to reduce ground traffic congestion through its urban air mobility services, primarily using helicopters and future Electric Vertical Aircraft.
BLADE Urban Air Mobility has announced the relaunch of its New York Airport service on June 1, 2021, reestablishing air connectivity between Manhattan and JFK Airport. The service, priced at $195 per seat ($95 with an annual Airport Pass), aims to alleviate ground congestion. KAYAK will facilitate bookings for this service, highlighting a partnership to enhance user experience. Blade is committed to transitioning to quieter, emission-free Electric Vertical Aircraft (EVA). This launch may position Blade favorably amid increasing travel demand.
Experience Investment Corp. (NASDAQ: EXPC) urges stockholders to vote in favor of the business combination with BLADE Urban Air Mobility, Inc. Stockholders of record as of March 17, 2021, are encouraged to complete and return their proxy cards ahead of the Special Meeting on May 5, 2021. Voting can be done online, by phone, or by mail, ensuring representation is vital. Following the merger, the company will be rebranded as Blade Urban Air Mobility, Inc., with trading symbols changing to 'BLDE' and 'BLDEW'. For more details, stockholders can access proxy materials and voting instructions online.
BETA Technologies has signed a binding agreement with Blade Urban Air Mobility to secure up to 20 Electric Vertical Aircraft (EVA), marking Blade as BETA's first passenger service customer. This follows UPS's recent purchase agreement for up to 150 BETA EVAs. The ALIA aircraft can carry six passengers, has a range of 250 nautical miles, and offers a quiet, low-emission flying experience. Deliveries are set to begin in late 2024. BETA's commitment to sustainability involves the world's largest aircraft charging network, supporting their goal of reducing aviation emissions.
Experience Investment Corp. (NASDAQ: EXPC) has scheduled a Special Meeting on May 5, 2021, to approve its business combination with Blade Urban Air Mobility, Inc. The definitive proxy statement has been filed with the SEC. CEO Eric Affeldt expressed excitement about Blade becoming public and expanding its network and transitioning to Electric Vertical Aircraft. Post-merger, EIC will rebrand as Blade Air Mobility, Inc., with its stock trading under the symbols 'BLDE' and 'BLDEW' on Nasdaq.
Blade Urban Air Mobility reported a 53% revenue increase to $8.0 million for Q1 2021, exceeding projections. The growth was driven by a 176% increase in MediMobility and jet revenues, although short-distance services declined 31% due to COVID-19 impacts. EBITDA improved to ($2.2) million, and Adjusted EBITDA rose to ($1.0) million, reflecting successful cost-saving strategies. Blade aims to launch a $195 seat airport transfer service this Spring and expand routes in partnership with Ross Aviation. The merger with Experience Investment Corp. is expected to close in H1 2021.
BLADE Urban Air Mobility has announced an alliance with Vertiport Chicago, aimed at enhancing urban air travel in the third-largest U.S. city. Following the merger with Experience Investment Corp. (NASDAQ: EXPC), Blade will offer exclusive passenger flights from the rebranded 'Vertiport Chicago Powered by Blade.' The partnership includes scheduled routes connecting to O'Hare Airport and nearby universities, alongside medical transport services through Blade's MediMobility business. The collaboration also focuses on preparing infrastructure for next-gen Electric Vertical Aircraft.
