Archer Closing Oversubscribed PIPE as Part of $215M Investment Round Led by Stellantis; ARK & United Are Two Key Investors in the PIPE Signifying Intersection of Innovative Financial Institutions & Traditional Aerospace Investing in Disruptive Tech
14 Agosto 2023 - 10:00AM
Business Wire
- United Airlines’ investment in the PIPE is its third time
investing in Archer as it originally invested $25M in 2021 in
connection with entering into its aircraft purchase agreement with
Archer for up to $1.5B worth of aircraft and just last year made a
$10M pre-delivery payment for the first 100 of those aircraft
- In addition to ARK Investment Management LLC (“ARK”) and United
Airlines, the oversubscribed PIPE financing includes participation
from an impressive roster of existing and new investors, including
The Boeing Company (“Boeing”) and Ken Moelis, through a related
investment vehicle
- The PIPE investment combined with the $70M that Stellantis
accelerated as part of its investment in this round under the
January 2023 strategic funding agreement will bring Archer’s
aggregate funding to over $1.1B to date
Archer Aviation Inc. (NYSE: ACHR), a leader in electric vertical
takeoff and landing (eVTOL) aircraft, today announced that the PIPE
portion of its larger $215M investment round led by Stellantis
announced last Thursday is positioned to close today. ARK and
United Airlines were two of the largest investors in the PIPE
signifying the intersection of innovative financial institutions
and traditional aerospace investing in disruptive technologies.
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“At Archer, we’re investing in changing the future of mobility,
and we’re focused on building a sustainable business with huge
growth potential," said Adam Goldstein, who is the founder and CEO
of Archer. "You have to align yourself with investors who
understand that and think long-term. I couldn’t be prouder of the
investors who participated in this round as they truly understand
and embrace that.”
United Airlines’ investment in the PIPE was its third time
investing in Archer, strengthening its commitment to the eVTOL
maker even further after it originally invested $25M in 2021 in
connection with entering into its aircraft purchase agreement with
Archer for up to $1.5B worth of aircraft and just last year made a
$10M pre-delivery payment for the first 100 of those aircraft. In
addition to ARK and United Airlines, the oversubscribed PIPE
financing includes participation from an impressive roster of
existing and new investors, including Boeing and Ken Moelis,
through a related investment vehicle.
This $215M investment round combined with the remaining
Stellantis commitment of $55M will bring Archer’s total liquidity
to over $675M and bring Archer’s aggregate funding to $1.1B to
date. The funds from this round are intended to be used for working
capital and general corporate purposes, including Archer’s
continued development of its aircraft and related technology, as
well as the build out of its high-volume manufacturing and test
facilities.
Archer’s goal is to transform urban travel, replacing 60-90
minute commutes by car, with estimated 10-20 minute electric air
taxi flights that are safe, sustainable, low noise and cost
competitive with ground transportation. With a range of up to 100
miles, Archer’s Midnight is a piloted, four passenger aircraft
designed to perform rapid back-to-back flights with minimal charge
time in between flights. The Federal Aviation Administration
recently issued Archer the Special Airworthiness Certificate
necessary to begin flying its Midnight aircraft, as the company is
targeting to begin flight test operations in the coming weeks.
Forward Looking
Statements
This press release contains forward looking statements regarding
future events and expectations, including statements regarding
Archer’s future business plans, product roadmaps, market
opportunities, the performance and development of Archer’s
aircraft, cost and their impacts on the industry, and timing of the
closing of the equity investment round (including the ability to
obtain clearance under the Hart-Scott Rodino Act for the investment
by Stellantis). These forward looking statements are only
predictions and may differ materially from actual results due to a
variety of factors. The risks and uncertainties that could cause
actual results to differ from the results predicted are more fully
detailed in Archer’s filings with the Securities and Exchange
Commission, including its most recent Annual Report on Form 10-K
and Quarterly Report on Form 10-Q, which are available on our
investor relations website at investors.archer.com and on the SEC
website at www.sec.gov. In addition, please note that any forward
looking statements contained herein are based on assumptions that
we believe to be reasonable as of the date of this press release.
We undertake no obligation to update these statements as a result
of new information or future events.
About Archer
Archer is designing and developing electric vertical takeoff and
landing aircraft for use in urban air mobility networks. Archer’s
mission is to unlock the skies, freeing everyone to reimagine how
they move and spend time. Archer's team is based in Santa Clara,
CA.
To learn more, visit www.archer.com.
Source: Archer
Text: ArcherIR
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