Archer Aviation is now the third air taxi developer to start public trading since August—the second just this week—after it successfully completed a merger with a special purpose acquisition company, also known as a SPAC.
Archer Aviation Is Latest eVTOL Firm To Start Public Trading
Key Takeaways:
- Archer Aviation has successfully gone public on the New York Stock Exchange (NYSE: ACHR) via a merger with a Special Purpose Acquisition Company (SPAC), becoming the third air taxi developer to do so since August.
- The SPAC merger generated $857.6 million, which was less than initially projected due to shareholder redemptions, though company officials remain positive about its financial and competitive position.
- Archer's "Maker" eVTOL aircraft, designed for urban air mobility with a 60-mile range and 150 mph speed, expects flight testing for its two-seat demonstrator by year-end and aims for four-seat production in 2022, supported by a significant order from United Airlines.
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