Exhibit 99.1
EHang Announces US$23 Million Private Placement Led by South Korean Strategic
Investor Lee Soo Man
Guangzhou, China,
July 12, 2023 EHang Holdings Limited (EHang or the Company) (Nasdaq: EH), the worlds leading autonomous aerial vehicle (AAV) technology platform company, today announced that it has
entered into share subscription agreements for a total of US$23,000,000 private placement with several strategic investors led by Mr. Lee Soo Man, a renowned South Korean music producer, entrepreneur, and the founder of K-pop and SM Entertainment, a South Korean leading multinational entertainment company listed in KOSDAQ (041510).
The
Company will receive a deposit of 80% of the aggregate purchase price for the proposed placement from the investors in three business days. The transaction is expected to close in the third quarter of 2023, subject to regulatory review and customary
closing conditions. The issuance of the Class A ordinary shares for the private placement will be made outside the United States in accordance with Regulation S under the Securities Act of 1933, as amended. The Class A ordinary shares to
be issued will be restricted securities and may not be resold without registration or an exemption from registration under U.S. federal and applicable state securities laws.
In addition to the private placement, EHang and Mr. Lee Soo Man will colaborate to drive the development of Urban Air Mobility (UAM) business
in Asian Pacific regions leveraging boths complimentary strengths.
The gross proceeds from the placement will be allocated by EHang for working
capital and general corporate purposes, enabling acceleration of strategic plans for technology advancement, business development and post-certification commercial operations. This will further solidify EHangs position as a leader in the
global UAM industry.
Mr. Huazhi Hu, EHangs Founder, Chairman and Chief Executive Officer, expressed his excitement about the investment and
partnership, stating, I was impressed by Mr. Lees interest and passion towards innovative technologies, future air mobility, and our autonomous aerial vehicles. We are thrilled to have long-term strategic investors and partners,
such as Mr. Lee, who share the same values and commitment in our journey. The placement and partnership are testaments to the trust and belief in EHangs vision and prospects, propelling the Company into our next phase of growth.
The lead investor Mr. Lee Soo Man also conveyed his enthusiasm and positive outlook for the future, remarking, I appreciate EHangs
unwavering dedication to enabling safe, autonomous and eco-friendly air mobility for the general public, as the first mover and a leading innovator in the emerging UAM industry with great potential. Im
excited to embrace opportunities and contribute to its growth through investing and collaborating with EHang as a long-term investor. I look forward to the convergence of cutting-edge transportation technologies and popular culture to create
sustainable value, and Im proud to be part of it.
About EHang
EHang (Nasdaq: EH) is the worlds leading autonomous aerial vehicle (AAV) technology platform company. EHangs mission is to make safe,
autonomous, and eco-friendly air mobility accessible to everyone. EHang provides customers in various industries with AAV products and commercial solutions: urban air mobility (including passenger
transportation and logistics), smart city management, and aerial media solutions. As the forerunner of cutting-edge AAV technologies and commercial solutions in the global Urban Air Mobility (UAM) industry, EHang continues to explore the
boundaries of the sky to make flying technologies benefit our life in smart cities. For more information, please visit www.ehang.com.
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