Modern Flying News

SPAC Shareholders Approve Merger With eVTOL Maker Archer Aviation

Tuesday, September 14, 2021 at 11:02 PM ET

Verified

Archer Aviation will officially go public following a merger with Atlas Crest Investment Corp. Archer Aviation

Key Takeaways:

Archer Aviation, an air taxi developer, has gone public on the New York Stock Exchange (ACHR) following a merger with a special purpose acquisition company (SPAC), making it the third eVTOL company to do so.
The company is developing an electric vertical takeoff and landing (eVTOL) aircraft called "Maker," designed for short-range, environmentally friendly urban transport, with flight testing planned for this year and production of a four-seat version in 2022.
Archer received approximately $857 million in gross proceeds and has a conditional $1 billion order from United Airlines, with plans to potentially launch commercial operations as early as 2024.

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A merger Tuesday has cleared the way for a third air taxi developer, Archer Aviation, to begin trading on a major U.S. stock exchange.

Thom is a former senior editor for FLYING. Previously, his freelance reporting appeared in aviation industry magazines. Thom also spent three decades as a TV and digital journalist at CNN’s bureaus in Washington and Atlanta, eventually specializing in aviation. He has reported from air shows in Oshkosh, Farnborough and Paris. Follow Thom on Twitter @thompatterson.