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Mon, Sep 27, 2021

Archer Aviation Announces Combination With Atlas Crest Investment

Archer Has Become A Publicly Traded Company

Archer Aviation has closed its business combination with Atlas Crest Investment. Atlas Crest has now changed its name to “Archer Aviation Inc.” after the completion of the transaction.

Archer’s common stock and warrants will commence trading on the New York Stock Exchange on September 17, 2021, under the ticker symbols “ACHR” and “ACHR WS”, respectively.

“Completing our go-public transaction and having Archer trade on the New York Stock Exchange is a huge milestone for our business. This is the culmination of a lot of hard work by the great team we have at Archer, but it is also the beginning of the next phase of our development and growth,” said Brett Adcock, co-founder and co-CEO of Archer.

“We are working to build an urban air mobility network that can change the way people travel in and around cities forever. We believe we have the team, the technology and the strategic partners to make our vision a reality,” said Adam Goldstein, co-founder and co-CEO of Archer.

Michael Spellacy, CEO of Atlas Crest, added, “We are pleased to have reached this important milestone in closing our transaction with Archer. With the proceeds from this transaction, Archer is entering the public markets from a position of financial and competitive strength to accomplish their mission of revolutionizing the future of urban transportation.”

This Business Combination will help to fund Archer's vision of bringing an electric vertical takeoff and landing vehicle to market and launching an urban air mobility network. The Combination has  generated approximately $857.6 million of gross proceeds, including $600 million of proceeds from the PIPE.



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