Archer Aviation (ACHR) has shared an update.
Archer Aviation Inc. has entered into private placement subscription agreements selling over 49 million shares to accredited investors and nearly 3 million shares to Stellantis at $3.35 per share, with closings expected around August 12, 2024. Additionally, Archer announced a preliminary contract manufacturing relationship with Stellantis, which could see Stellantis invest up to $400 million towards producing Archer’s Midnight aircraft. This deal includes potential issuance of stock or warrants to Stellantis, subject to stockholder approval and finalizing definitive agreements. This strategic move aims to significantly boost Archer’s aircraft production capabilities by 2030, reflecting forward-looking optimism in the company’s growth trajectory.
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