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 NYSE (ACHR) after merging with a special purpose acquisition company (SPAC), making it the third air taxi developer to list publicly since August.
- The merger generated $857.6 million in gross proceeds, less than the initially projected $1.1 billion due to shareholder redemptions, but company officials remain positive about their financial and competitive position.
- Archer's two-seat eVTOL aircraft, "Maker," which features 60-mile range and 150 mph speed, is expected to begin flight testing by year-end and has a significant order from United Airlines for potential service as early as 2024.
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