Archer SPAC

Archer Aviation designs and develops electric vertical takeoff and landing eVTOL aircraft for urban air mobility UAM networks. On September 16, 2021, Atlas Crest Investment Corp,. a leading franchise of special purpose acquisition companies, completed its combination with Archer Aviation Inc., a leading Urban Air Mobility company and developer of all-electric vertical take-off and landing aircraft. Around the the same time, United Airlines ordered $1 billion worth of Archer Aviations electric air taxi. The initial SPAC terms were modified to drive long-term value creation for all shareholders the new transaction terms adjust the pro forma enterprise value of Archer from $2.7 billion to $1.7 billion, a 38 reduction. The combined company also expected to receive approximately $1.1 billion of gross proceeds from a fully committed common stock PIPE offering of $600 million, along with approximately $500 million cash held in trust, assuming no redemptions of Atlas Crests existing public stockholders. Archer went public under the ticker ACHR, with shares opening at $9.90 since then, the stock has steadily fallen and has been down 50 from IPO for nearly two years.