STLA - SPAC Atlas Crest soars on deal to buy vertical-aircraft maker Archer at $3.8B valuation
Urban air mobility start-up Archer agreed Wednesday to go public via a SPAC deal with special purpose acquisition company Atlas Crest Investment Corp. (ACIC) in a deal that will value the Archer at $3.8B. The transaction includes participation from United Airline (UAL), Chrysler/Peugeot parent Stellantis (STLA) and mega-investors Ken Moelis and Marc Lore. Archer will receive about $1.1B through the deal -- $500M from the SPAC and $600M from a private investment in public equity (PIPE). The PIPE will include funding from United, Stellantis, Baron Capital Group, Putnam Investments and others. Moelis and Marc Lore are also providing $30M of the PIPE’s funding. ACIC shares rose 36.6% premarket on the news to trade at $15.25 on the New York Stock Exchange shortly before 9 a.m. ET After the deal closes, Archer will tale over ACIC’s listing under the ticker “ACHR.” Archer is developing electric vertical takeoff and landing aircraft, or “eVTOL.”
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SPAC Atlas Crest soars on deal to buy vertical-aircraft maker Archer at $3.8B valuation