Archer Aviation: Set To Take Flight After Deal Cut
Only about 6 months ago, (ACIC) announced an exciting business development deal with . The urban air mobility space was so exciting that the SPAC soared to a high of $18.60 back in February. After the stock has been cut in half and the deal value was slashed, my investment thesis is far more bullish on the eVTOL stock.
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Update - Sept. 15
Deal approved, but with nearly 50% of shares redeemed greatly reducing cash balances. These SPACs are gonna have to start raising funds. Archer Aviation is down below $10 today and will probably end up trading into the $8s like Joby Aviation (JOBY).
-Approximately 96% of votes cast at the Special Meeting voted to approve the Business Combination.
-In connection with the vote on the Business Combination, approximately 48.5% of eligible shareholders exercised redemption rights. The Business Combination will generate approximately $857.6 million of gross proceeds, including $600 million of proceeds from the PIPE.
-The closing of the Business Combination is anticipated to occur on or about September 16, 2021. Following the closing, the combined company will be known as “Archer Aviation Inc.” and its common stock and warrants are expected to trade on the New York Stock Exchange under the new ticker symbols “ACHR” and “ACHR WS,” respectively, on September 17, 2021.