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.
SPAC Shareholders Approve Merger With eVTOL Maker Archer Aviation
Key Takeaways:
- Archer Aviation, an electric vertical takeoff and landing (eVTOL) aircraft developer, has gone public on the NYSE (ticker: ACHR) after merging with a SPAC, becoming the third air taxi company to do so recently.
- Archer is developing its "Maker" eVTOL aircraft for environmentally friendly, short-distance urban air travel, with a two-seat test version expected to fly by year-end and a four-seat production model in 2022.
- The company secured a $1 billion order from United Airlines, targeting commercial launch in Los Angeles by 2024, and expects approximately $857 million in gross proceeds from its public listing.
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