UAL - Electric Airplane Start-Up Archer Going Public With Assist From United Airlines
United Airlines Holdings (NASDAQ: UAL) is hopping on board Archer, an electric plane start-up that on Wednesday announced plans to go public in a deal that will raise more than $1 billion for the company.
Archer will go public via a merger with Atlas Crest Investment (NYSE: ACIC) , a special purpose acquisition company ( SPAC ). The deal includes an equity investment from United, as well as money from automaker Stellantis (NYSE: STLA) and a number of private entities.
Rendering of an Archer aircraft picking up customers. Image source: Archer.
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Electric Airplane Start-Up Archer Going Public With Assist From United Airlines